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Posted April 21st, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 21st April 2011

EURO/GBP - 1.1274

Sterling weakened by 1% yesterday to against the euro after minutes from the Bank of England’s last meeting showed policymakers were concerned over economic growth, with no change in the voting pattern on last month. The committee voted 6-3 in favour of keeping rates on hold citing that data over the previous month had “probably been to the downside”. Markets pushed back expectations of an interest rate rise to later in the year, which was the main driver of sterling’s fall. The next major piece of data is retail sales which are released later today, so call in now for a live exchange rate to avoid losing out – especially given the light trading ahead of the Easter break.
In the euro zone, the euro hit a 15 month high against a weak US dollar gaining 1.4% due to high risk appetite and a better than expected bond auction from Spain which was welcomed warmly by investors. Business activity data also showed that Germany and France continue to outperform the rest of the region, helping to support European Bank rate hike expectations in the short term. Ensure you speak to one of the team to avoid missing out.

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