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Posted February 23rd, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 23rd February 2011

EURO/GBP - 1.1804

Sterling slipped against the ‘safer haven’ currencies yesterday as escalating tension in the Middle East and North Africa saw investors scale back holdings in riskier currencies. This saw sterling slip against the US dollar, Swiss franc and Japanese yen. The only real domestic news that caused any movement was speculation over the Bank of England’s minutes from their recent interest rate policy meeting. The minutes are released today at 9:30am and are important because investors hope to get a better picture of the Bank’s likely timescales for an interest rate hike – and whether any additional members joined the current two in voting for an interest rate hike. This is the big piece of UK data this week, so call in now for a live exchange rate.
In the euro zone, uncertainty over the situation in Libya – with a mounting public revolt in full swing – saw the euro suffer as a ‘risky’ asset, falling by 1% against the US dollar. However, positive comments by yet another European Central Bank member saw speculation over European monetary tightening start to gain momentum and the euro recovered lost ground against its counterparts. Yves Mersch was quoted as saying that the ECB should ‘change its language over inflation’. Out today, there is no real data and Bank president Jean Claude Trichet makes a speech later on.
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