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Posted November 17th, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 17th November 2010

EURO/GBP – 1.177

Sterling fell sharply yesterday after Bank of England governor Mervyn King signalled that the Bank of England could launch a further programme of Quantitative Easing if needed. Earlier in the day, data showed that UK inflation came in higher than expected at 3.2%, which gave sterling a boost. However, governor King’s comments wiped out these earlier gains with sterling falling to a low of $1.5843/£1 from a high of $1.6080/£1. Against the euro, sterling slipped from a high of 1.1824/£1 to a low of 1.1733/£1. A number of automatic trades triggered against the US dollar, which exacerbated the volatility and saw sterling down 1.1% on the day. Out today, we have the minutes from the Bank of England’s Monetary Policy Meeting two weeks ago, which could see sterling drop even further if any other members join Adam Posen in voting for more Quantitative Easing so call in now for a live exchange rate and protect yourself from losing out.  

In the Euro zone, the euro had a surprise boost yesterday as the ‘ZEW’ investor sentiment figure came in much better than expected for the region which marginally helped the euro. However, Ireland and Portugal were still in the spotlight and Euro zone finance officials meet today to discuss a bailout – despite resistance from the Irish government to state wide help from the ECB, suggesting that a bank bailout is all that is needed. With the EU council President describing the EU as being in a “survival crisis”, make sure you speak to one of the team about protecting yourself.

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