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Posted November 25th, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 25th November 2010


Sterling hit a high of €1.1862/£1 against the euro as the situation in Ireland continued to see investors selling the single currency ahead of a finalised bailout plan that is expected later this week. Data in the UK helped lift sterling with GDP data for the 3rd Quarter unchanged from the first estimate a few weeks ago. The UK grew by 0.8% in the 3 months to October and 2.8% year on year, boosted by net trade that the relatively weak currency had attracted. With investors looking for a credible alternative to the single currency, many expect sterling to continue to gain against the euro in the coming months, but some were concerned over the level of exposure that the UK had to Ireland which could hold sterling back. In terms of data, today we have the Inflation Report hearing, in which members of the Bank of England Monetary Policy Committee testify to the Treasury Committee. It can cause volatility, so call in now for a live exchange rate.

In the Euro zone, the Irish debt crisis continues. Rating agency Standard and Poor’s downgraded Ireland’s sovereign rating from AA- to A as it became the second European nation to seek financial aid. This is likely to worsen the flight from Irish bonds as the Irish Government remained in talks with the EU and the IMF over a bailout package for the banking system. The bailout is likely to be in the region of €85bn. Throughout the afternoon, the Irish government announced a punishing 4 year €15bn austerity plan in order to pay for the crisis and meet the terms of the pending EU/ IMF bailout. The euro is fragile, so call in now to get a live exchange rate. 


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