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Posted November 16th, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 16th November 2010

EURO/GBP – 1.179

Sterling slipped against the US dollar yesterday but held near to a 7 week high against the euro as concern over the debt situation in Ireland hampered the single currency’s prospects. It was a quiet day for data in the UK with most traders looking ahead to Wednesday’s minutes of the Bank of England Monetary Policy Committee from two weeks ago. The movement downwards against the US dollar was as a result of selling by Russian speculators, but sterling was helped as a key Bank of England policymaker stated in a speech yesterday that there was no compelling case to alter monetary policy in the UK. Stubborn inflation and a degree of uncertainty about the economy meant that a ‘wait and see’ approach was best. Out today, we have key inflation figures which are expected to remain at 3.1% so call in now for a live exchange rate.

In the Euro zone, concerns over Ireland grew yesterday with the opposition party stating that it believed Europe had started moves to bail out the stricken economy as the country struggles to borrow sovereign debt from the capital markets. EU sources were quoted by news agency Reuters as saying that Ireland was unlikely to hold out much longer as the cost of their borrowing rose. Currently the Irish government has to pay 8.1% interest on 10 year bonds – a level that they are unlikely to be able to continue at. One thing is for sure – there is likely to be something decided imminently, so call in now for a live exchange rate.

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