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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 is that the brief bounce that sterling experienced following the high inflation data of Tuesday drifted away as the markets have pushed back possible dates for when the BoE will increase interest rates. Unemployment data came in slightly better than expected at 2.46 million. As can be seen from this weeks movement exchange rates continue to be volatile so call in now to get the latest information and the latest rates.

The debate in the Euro zone is obviously heating up over Greek debt with the European Central Bank being at odds with the politicians. The ECB is taking a hard-line in that any change to repayment dates is a default whereas the politicians want to present it as a “restructuring”. Will be interesting to see who wins and what the outcome is. Despite this the euro still continues to outshine sterling giving the increasing interest rate environment and the strong growth being enjoyed by Germanyand France. Call in now to get the latest rate.

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