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Posted April 27th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 27th April 2011

EURO/GBP - 1.1210

Sterling fell against the euro yesterday, hit by broad euro strength and investor concern ahead of today’s GDP figures that are released at 9:30am. Last quarter’s GDP was a disappointment, and many analysts are not expecting GDP for the first quarter of 2011 to beat expectations. A weaker than expected growth figure would also see sterling’s strength against the US dollar crumble after enjoying the highest levels against the currency since December 2009 in the last week. On the other hand, a better than expected number will see expectations of an interest rate hike surge. Ensure that you don’t lose out by calling in for a live exchange rate.
In the euro zone, the euro strengthened following a strong Spanish bond auction. The euro had suffered earlier in the day after comments from European Central Bank President Jean-Claude Trichet saw investors cut euro holdings in favour of the US dollar. The President stated that there was a need for a strong US dollar, but the euro soon gained back ground. It is a quiet day for data today in the euro zone, but given the magnitude of US and UK data, there is likely to be significant movement so call in now for a live exchange rate.

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