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Posted November 26th, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 26th November 2010

EURO/GBP – 1.1840

Sterling was undermined by comments from the Bank of England governor Mervyn King, who said “strong action” against inflation could destabilise the economy.  Sterling continues to follow trends from events in the Eurozone as it reversed gains against the Euro following comments by ECB member, Axel Aeber who indicated that Europe’s rescue fund of 750 billion Euro’s could be increased if necessary.
Sentiment on the Euro remains week as it dropped to a fresh 2-month low against the US Dollar as heavier trading returns following the Thanksgiving holiday, the single currency hit $1.3279. With political tensions rising in Dublin, holders of Irish sovereign debt have been worried about the risk that the budget will not be passed next month, which would delay any bailout from international lenders.  The risk of contagion in the Eurozone still persist as the yields on Spanish debt increased.
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