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Posted May 31st, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 31st May 2011

EURO/GBP - 1.1457

Sterling finished last week on a high, gaining against a weaker US dollar as US data disappointed. Sterling therefore starts the week over $1.65/£1 against the US dollar, but this is more the pound tracking euro strength against the dollar. With a long weekend in both the UK and USA, data is thin on the ground today. However, there is a wide range of data on the manufacturing, construction and services sectors later in the week. These figures are closely watched to give a picture of UK economic activity so any significant moves will have an impact on sterling and sterling’s prospects. Call in now for a live exchange rate.

In the euro zone, the big news from the long weekend for those returning to their desks today is that European Union leaders will decide on additional aid for Greece by the end of June. Following a meeting in Paris yesterday, Jean-Claude Juncker (head of group euro-area finance ministers) ruled out a “total restructuring” of Greek debt, with the EU and IMF set to wrap up their recent review of the stricken country’s finances. This has helped the euro to recover from lows hit due to concerns that Greece may even need to leave the euro zone completely. In terms of data, there is inflation data released today so call in now for a live exchange rate.

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Posted May 27th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 27th May 2011

EURO/GBP - 1.1531 Sterling ended the week on a high, hitting a 2 ½ month high against the euro as investors speculated that Europe may be expected to extend further aid to help Greece. The pound pushed through the €1.16/£1 barrier – the highest since mid-March – boosted by Asian demand and comments from Eurogroup President  Continue Reading…

Posted May 26th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 26th May 2011

EURO/GBP - 1.1502 Sterling strengthened for a second day against the US dollar as data showed that U.K. exports helped the economy resume growth in the first quarter, outweighing the biggest slump in consumer spending in almost two years. Sterling also gained against the euro, breaking beyond €1.15/£1 against the single currency as euro weakness gave  Continue Reading…

Posted May 25th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 25th May 2011

EURO/GBP - 1.1510 Sterling gained by 0.5% against the US dollar yesterday morning, recovering from an earlier 7 week low that was hit after investors speculated over the scope and extent of a potential downgrade of UK banks by rating agency Moody’s. Many investors covered short positions in order to avoid the volatility of a potential  Continue Reading…

Posted May 24th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 24th May 2011

EURO/GBP - 1.1462 Sterling hit a 2 month high against the euro yesterday as Bank of England Chief Economist Spencer Dale said in an interview over the weekend that Bank of England policy makers should increase interest rates to avoid damaging the UK economy. Sterling benefited from euro weakness, but this increased risk aversion and saw  Continue Reading…

Posted May 23rd, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 23rd May 2011

EURO/GBP - 1.1518 Sterling starts the week slightly lower against the US dollar, having tracked the euro’s decline against the US currency over the weekend. Sterling is hovering just above the €1.15/£1 mark after concerns over the euro zone debt crisis pushed the single currency lower. The subsequent drop in risk appetite has seen demand for  Continue Reading…

Posted May 20th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 20th May 2011

EURO/GBP - 1.1342 Sterling gained against the euro and US dollar yesterday after UK retail sales data beat expectations. However, investors took the opportunity to take profits on the gains and as such sterling fell off from the day’s earlier highs. Retail sales jumped by 1.1% in April, beating expectations of a 0.8% gain and were  Continue Reading…

Posted May 19th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 19th May 2011

EURO/GBP - 1.1318 Sterling suffered following the release of the minutes of the last Bank of England meeting. Voting was the same [6 to 3 in favour of no change in interest rates] and the sentiment was the same – lets wait and see how the recovery takes hold before increasing interest rates. The end result  Continue Reading…

Posted May 18th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 18th May 2011

EURO/GBP - 1.1382 UK inflation hit 4.5% in April, an increase from March’s 4%, a 2-1/2 year high. With the U.K. economy contracting in the fourth quarter of 2010 and hardly expanding in the first quarter 2011, coupled with cuts in government spending, the Governor of the Bank of England Mervyn King warns that in reacting  Continue Reading…

Posted May 17th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 17th May 2011

EURO/GBP - 1.1449 Sterling slipped against the euro yesterday as investors became concerned ahead of key UK figures released later this week. The Bank of England minutes, inflation and unemployment figures are all expected to compound the view that interest rates are set to remain on hold for a considerable time. Current trends show that if  Continue Reading…

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