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Posted December 20th, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 20th December 2010

EURO/GBP - 1.1821

Sterling hit a 3 month low against the US dollar on Friday after Lloyds Banking Group warned that it was making further provisions for losses on Irish debt that it is exposed to. This exacerbated concerns over the UK’s exposure to Ireland’s debt crisis and saw investors selling sterling. UK consumer confidence figures were much worse than expected, showing the lowest figures since the depths of the recession and giving an idea of the worries felt ahead of the impact of the government’s spending cuts. Coming into the Christmas week, economic releases are few and far between with the only real data of interest being the Bank of England’s meeting minutes from the last interest rate policy meeting on Wednesday. Call in now for a live exchange rate.

In the euro zone, the euro strengthened against sterling on Friday after particularly strong German business sentiment data contrasted with the poor UK data that was released. The calendar is very thin this week with no data releases of real note aside from some European consumer confidence and German Producer inflation data – both released today. The Irish debt crisis is still causing issues and with lower trading volumes expected over the next few days there is scope for quite sharp moves on the currency markets, so call in now for a live exchange rate.

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