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Posted October 28th, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 28th October 2010

EURO/GBP – 1.140

Sterling slipped back against the US dollar on Wednesday after investors pulled out of bets against the US currency on uncertainty over the level of additional Quantitative Easing being added to the US economy by the Federal Reserve. However, sterling held firm above the 1.14/£1 hitting a high of 1.1475/£1 on the day. Sterling has enjoyed a bumper 2 days after stronger than expected GDP data on Tuesday and a vote of confidence in the UK economy from Standard and Poors credit rating agency that upgraded the outlook for the UK’s ‘AAA’ credit rating from ‘negative’ to ‘stable’, citing the government’s spending review as evidence of the level of commitment to cutting the deficit. Yesterday saw Bank of England deputy governor Charlie Bean state that the figures this week had been surprisingly strong. Overall, the threat of further QE in the UK has been minimised, but not eliminated. Call in and speak to one of the team for a live quote.

In the Euro zone, German inflation data came in as expected and French consumer spending jumped by 3% on last month. There was data released that showed more banks had taken up 3 month loans from the European Central Bank in the last period, but this was explained by it being cheaper to borrow from the ECB rather than any form of worsening of credit conditions in the region. The euro saw a similar response to sterling, slipping against a stronger US dollar on doubts over the level of Fed stimulus. Get in touch with one of the team now to ensure you are not losing out.

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