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Posted April 14th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 14th April 2011


EURO/GBP - 
1.1265

Sterling
fell to a 5 ½ month low against the euro yesterday as investors bet that UK interest rate rises would lag behind those in the euro zone. The pound was flat against the US dollar as a mixed set of unemployment figures failed to support the UK currency. Figures showed that the number of people unemployed fell to 2.48 million with the unemployment rate beating expectations to show 7.8%. Any optimism was offset by the fact that the number of benefits claimants increased, and wage growth remained subdued. It is a quiet day for data releases, but a Bank of England member is speaking which could cause some movement so ensure you don’t miss out. 

Euro strength saw the single currency hit a high of €1.1205/£1 yesterday as investors priced in a 50% chance of an interest rate hike by the ECB in both August and September. Against the US dollar, the euro hit a 15 month high of $1.4521/ £1 as global risk aversion subsided and investors sought higher yielding currencies. Data is thin on the ground again today, but with currencies volatile off the back of interest rate speculation, ensure you do not miss out and speak to one of the team today. 


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