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Posted November 19th, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 19th November 2010

EURO/GBP – 1.172

Sterling gained against the US dollar yesterday as positive retail sales figures and factory orders helped lift the pound back over $1.60/£1 but it struggled to hold above that level. Retail sales rose by 0.5% in October, recovering from the -0.2% fall the previous month. Data also showed that factory orders fell at a slower pace than expected. One piece of bad news out was government borrowing, which hit a record high for the month of £9.8bn. Sterling was supported against the euro after Wednesday’s Bank of England minutes showed that further UK Quantitative Easing is off the agenda for another few months at least. It is a quiet day on the data front today, so ensure you call in to stop any adverse pieces of news impacting your payments next week.

In the Euro zone, the euro strengthened yesterday in response to news that Ireland will receive billions of euros in loans to help ease the banking and debt crisis in the country. The euro gained 1% against the US dollar and Japanese yen on the news, but the recovery may be short lived as investors are likely to become concerned over the risk of contagion – i.e. the debt crisis spreading to countries like Portugal and Spain. Spain is a much larger economy than Ireland and any issues there will cause problems. Today we have German wholesale price inflation so call in now to ensure you get the best rate.

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