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Posted October 27th, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 27th October 2010

EURO/GBP – 1.146

Sterling jumped against the euro and US dollar yesterday after surprisingly positive UK GDP data for the 3rd Quarter and a welcome vote of confidence for the UK from credit rating agency S & P. GDP growth came in at 0.8% for the 3rd Quarter against an expectation of 0.4%, boosted by construction activity that was stronger than expected. Sterling hit a high of 1.1453/£1 – a huge movement against Monday’s low of 1.1184/£1 – after the positive data cooled speculation over further Quantitative Easing in the UK. Against US dollar, sterling hit $1.5894/£1. Sentiment towards the UK also received a boost, as the credit rating agency S&P upgraded the outlook for the UK’s ‘AAA’ credit rating from ‘negative’ to ‘stable’ after citing the government’s spending review as evidence of the level of commitment to cutting the deficit. In terms of data tomorrow, it is fairly thin on the ground with a Bank of England policy maker speech the only event of note. Call in now to speak to a trader and take advantage of the recent spike in rates.

In the Euro zone, the euro gave back recent gains with the biggest one day fall against sterling since June and a poor performance against the US dollar after US consumer confidence data came in better than expected. The euro has struggled against the US dollar in the last week as investors wait to see the full extent of the widely expected Quantitative Easing by the Federal Reserve in the USA. Closing below $1.40/1 has not helped the euro either, as this is a key psychological level that will not be broken until investors know more about what is happening in the USA. There is some inflation and loan data out tomorrow, so call in now for a live exchange rate. 

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