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Posted November 18th, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 18th November 2010

EURO/GBP – 1.172

Sterling edged up yesterday after an unexpected drop in the number of people claiming unemployment benefits and minutes from the Bank of England’s Monetary Policy Committee November meeting showed that the bank is still some way off implementing further Quantitative Easing. The figures showed that the number of people claiming unemployment benefit fell by 3,700 in October against an expectation of an increase of 5,000. The Bank of England minutes showed that the vote remained the same as last month with a 3 way split between those keen to keep policy on hold and then Andrew Sentance voting for a 0.25% increase in the interest rate and Adam Posen voting for further Quantitative Easing. Out today there is retail sales data so call in now for a live exchange rate.

In the Euro zone, Ireland came under further pressure yesterday with the premium that the Irish government has to pay on bonds getting higher and higher due to the risk of default. With EU ministers scrambling to work out a rescue plan for Ireland, the euro continued to suffer. Whilst Ireland is a relatively small fish in the economic pond, the prospect of a bailout is likely to keep the euro on the back foot in the short to medium term. It is a relatively quiet day on the data front so call in now for a live price. 

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