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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 announcement and this helped the pound recover slightly, whilst mixed UK public sector borrowing figures had little or no effect. Data showed that net borrowing dropped from last month’s £15.6bn to £7.7bn, but this was higher than the £5bn that had been forecast by the markets. Sterling still remains vulnerable against the US dollar as it is liable to track euro weakness against the US currency in the wake of the next round of the euro zone debt crisis. Call in now for a live exchange rate, as we have revised GDP data which could cause some movement.
 
In the euro zone, the euro edged up from a two-month low against the dollar on Tuesday, helped by stronger than expected German economic data, but the gains are likely to be short lived in the wake of a resurgence in the European debt crisis. The euro has dropped by 5% since early May, taking a hammering on speculation that the Greek bailout will need restructuring and on fears of a contagion spread to Spain and Italy. Out today, there is German consumer confidence figures so call in now for a live exchange rate.

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