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Posted February 25th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 25th February 2011

EURO/GBP - 1.1666

Sterling fell across the board on Thursday as a spike in oil prices saw investors look to safer haven currencies on concerns over the global recovery. As a result, sterling slipped to a 3 week low against the euro and dropped off Wednesday’s 3 week high against the US dollar. The pound was boosted on Wednesday following the Bank of England’s meeting minutes that showed an increased likelihood of an interest rate hike, but this rally soon ran out of steam as risk aversion saw global risk aversion and a move to safer currencies. Out later today we have a 2nd estimate of the recent GDP figures – this could cause some volatility, so call in now for a live exchange rate.

In the euro zone, the euro benefited from yet further talks from a key European Central Bank policymaker over interest rates. Axel Weber boosted prospects of a rate rise, stating that the only way for interest rates to go was up. Inflation in the region has been creeping up so, like the UK, markets now expect an interest rate hike in the coming months to deal with inflation. Out today we have some loan and spending figures.

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