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Posted December 21st, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 21st December 2010

EURO/GBP - 1.1814

Sterling gained against the euro yesterday as the single currency was hampered by euro zone debt crisis worries, but sterling’s gains were limited to 0.3% as concerns over the UK’s exposure to the crisis held the pound back. Overall price movement was limited as many investors stick to the sidelines until the first week of January and with the Bank of England reporting that UK banks will remain vulnerable to the European debt crisis into the new year, many traders are waiting until after the festive period to look at their options. Sterling vs euro is likely to suffer over fears of exposure, so it is one of the big issues to keep an eye on heading into 2011. The Confederation of British Industry cut its UK growth forecast for the first quarter of next year to 0.2%. It seems that sterling will have a tough start to the year, so ensure you speak to one of the team sooner rather than later to ensure you do not lose out. 

In the eurozone, the single currency fell to all time lows against the Swiss franc and Australian dollar as investors worried about the debt crisis and further credit rating downgrades. To an extent, many investors are simply ‘shutting up shop’ for the next two weeks by moving their investments into safer currencies or assets such as gold or bonds. Gold crept higher for the second day running. In terms of data, the euro wasn’t helped by consumer confidence and manufacturing inflation figures that both came in slightly lower than expected.

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