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Posted April 26th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 26th April 2011

EURO/GBP - 1.1310

finished last week strongly, hitting a 16 month high against the US dollar after UK retail sales gained more than had been expected. The figures were expected to show a 0.5% drop on the month, but came in showing a 0.2% increase which helped support the pound. Growth concerns still remain though, and Martin Weale (a member of the Bank of England that has been voting for a rate increase since January) said that the 1st Quarter had been “disappointing”. It is a quiet week in the UK with a 2nd long weekend only days away, but there is some key data released that could see some serious movement. Today we have CBI industrial trends which are expected to show that the economy is rebalancing towards manufacturing and exports and then GDP data tomorrow. Call in now for a live exchange rate to ensure that you don’t lose out.

In the euro zone, the euro suffered slightly last week following concerns over the need to restructure periphery debt and it fell after ECB President Jean-Claude Trichet stated that a strong US dollar is in the interests of the USA – a move seen by some to “talk up” the US dollar and take the pressure off his own overbought currency. This week is quiet for European data, but thin holiday trading could see some sharp moves so ensure you are prepared. 

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