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Posted April 7th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 7th April 2011

EURO/GBP – 1.1399

Sterling benefitted from some better economic data here in the UK and negative sentiment elsewhere. Here in the UK we saw the release of a better than expected figure for the services purchasing managers index. This rose to a 13 month high in March. As services are such a key part of the UK economy the market reacted positively and sterling gained across the board. We will have to see if this increase in the index results in an actual increase in the size of the UK economy for the first quarter of 2011. One good day shouldn’t be taken as a change in sterling’s fortune and as such you should call in to get latest rates and the detailed thoughts of a trader.

’s debt was downgraded further and Spain’s unemployment increased to 4.3 million. So not a good day for the periphery states of the euro zone. The main topic of discussion is tomorrow’s interest rate announcement by the European Central Bank – 0.25% is the expected increase. No increase will see the euro lose ground; an increase greater than 0.25% will see the euro gain. So we could be in for some rapid movements in exchange rates as events remain unfold. Call in now.

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