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Posted January 25th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 25th January 2011

EURO/GBP - 1.1672

Sterling fell against the US dollar and euro yesterday as investors took profits following last week’s highs. Last week was a bumper week for the pound as inflation figures heightened expectations of an earlier than expected interest rate hike by the Bank of England. However, negative comments from Adam Posen on Friday and a downbeat article in the Daily Telegraph cast doubts over the possibility of any change in monetary policy. The Telegraph argued that any interest rate hike could punish the economy and push the recovery into a period of stagflation. Today sees the first estimate of UK GDP for the 4th Quarter and analysts are expecting the harsh weather to have dented economic activity. This week also sees the Bank of England’s minutes from their last meeting so call in for a live exchange rate.
In the euro zone, the euro fell from a 2 month high against the US dollar as worries over political instability in Ireland dented the outlook for the region. The euro hit the highest level against the US dollar since November on Sunday as talk over inflation in the region helped the currency hit $1.3648/1 but that was soon lost as worries over the stability of Ireland’s bailout plan caused the currency to drop. Monthly industrial orders slipped in the region also – out today there is German consumer confidence data so call in now for a live exchange rate.

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