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Posted April 19th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 19th April 2011

EURO/GBP - 1.1402

Sterling strengthened against both the euro and US dollar yesterday as a US credit rating outlook downgrade damaged the US dollar and fears over Greek sovereign debt hurt the euro. Sterling could remain under pressure though as markets push back expectations of a rate hike in the UK – there had been an expectation of a 0.25% rise as early as next month but unexpectedly low inflation figures put the dampeners on this last week. Out later this week there is the Bank of England minutes and retail sales – both of which could cause significant volatility given the low volume of trade ahead of the long Easter weekend. Call in now to ensure you don’t lose out.

In the euro zone, the Greek government denied any suggestion it will need to restructure its loans but the governor of the country’s central bank fanned the flames by warning of a shrinking economy. Worries that Finland would cause problems in the bailout of Portugal also hurt the single currency after an anti-euro party was given a voice in parliament. Finland requires a majority parliamentary vote regarding requests for EU bailout funds. Call in now for a live exchange rate as we have a wide array of purchasing data released today.

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