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Posted November 23rd, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 23rd November 2010


EURO/GBP – 1.1710

Sterling gained against the euro yesterday after the single currency lost early gains following the bailout as the country was plunged into political uncertainty. Despite the headline grabbing news, the financial markets were anticipating a bailout last week. Therefore, yesterday’s news did not see the volatility that might be expected with sterling creeping back over €1.17/£1 to hit a high of €1.1750/£1 so far this morning. Many analysts expect sterling to gain against the euro in the coming months as surprisingly strong UK data combined with the lower likelihood of further Quantitative Easing leaves the UK economy in a relatively resilient position. Out today there is mortgage approval data and later on Adam Posen (the sole advocate of further Quantitative Easing) speaks in Stockholm. Call in now for a live exchange rate.
In the Euro zone, political uncertainty dogged Ireland yesterday as the country faces a nervous few weeks. Public anger at how the government has handled the banking crisis was directed at the Irish Prime Minister Brian Cowen yesterday, as he stated he would stay in office until parliament passed the budget before calling an election. With a multi-billion euro bailout riding on a budget that is acceptable to the EU and IMF, the chances of passing the budget dropped dramatically as 2 independent members of parliament withheld their support for the plans. Data out today includes purchasing data, but this is likely to have a minimal impact relative to the Irish situation so call in and speak to one of the team to ensure you are protected.
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