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Posted October 26th, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 26th October 2010

EURO/GBP – 1.130

Sterling fell to a 7 month low against the euro yesterday after being weighed down by the prospect that the UK economy might be in store for further Quantitative Easing by the Bank of England and mortgage approval figures disappointed. Sterling hit a low of 1.1184/£1 as financial markets begin to price in the possibility of further money being pumped into the economy by the Bank of England, and as the prospect of weak UK growth figures hit home. In addition, sterling hit a 20 year low against the Australian dollar, so it is a fantastic time to move Australian dollars into sterling. In terms of data, the ‘first estimate’ of UK GDP growth is released today and is expected to show a drop on last quarter to 0.4%. Any deviation outside of this is likely to cause significant volatility, so call in and speak to one of the team now to ensure you don’t lose out.

In the Euro zone, the euro gained against the US dollar and sterling yesterday – breaking through the 1.40/$1 and 1.12/£1 barriers before falling back. The euro’s strength against sterling gives an idea of how the financial markets view the UK economy. European debt no longer seems to be an issue, which is bizarre, given the European meltdown that people were talking about several months ago. Data released yesterday showed that industrial orders for the region increased by more than expected, coming in at 5.3% against an expectation of 2%. In terms of data for today, there is data on the consumer climate and also German import prices. Call in now – especially with the UK GDP figures being released.

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