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Posted January 28th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 28th January 2011

EURO/GBP - 1.1583

Sterling gained against the US dollar yesterday as the currency continued to gain support following Wednesday’s Bank of England minutes, hitting a daily high of $1.5991/£1 – just shy of the $1.60/£1 mark. Sterling’s support came from the fact that committee member Martin Weale joined Andrew Sentance in calling for a 0.25% rate hike – a move that was seen as increasing the likelihood of an interest rate rise later this year, despite Tuesday’s poor GDP figures. Mervyn King made it clear in a speech on Tuesday night that any rate decision would have the long term prospects of the economy at heart. King’s speech (not the Colin Firth one) reaffirmed his belief that inflation would rise before dropping next year. Call in now to take advantage of the higher US dollar rates.

In the euro zone, high inflation and potential interest rate hikes seemed all the rage this week – yesterday saw Germany join the party with prices rising in the country at their highest rate since October 2008, up 2% year on year. This prompted further speculation over interest rate hikes with many analysts expecting a 0.5% increase by the end of the year. Out today there is no real data of interest but call in to speak to the team about the next few weeks.

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