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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 sterling a boost. The biggest gains were against the South African rand, where sterling surged by nearly 2% against the notoriously volatile currency.

In the euro zone, the euro hit a fresh low against the ‘safe haven’ Swiss franc yesterday on uncertainty over the Greek debt crisis. Greece is very much under the spotlight and yesterday, Greek newspaper reports suggested that the Greek government is considering organising a referendum on additional austerity measures after it failed to reach consensus with the opposition, casting further doubt on the country’s ability to tackle its debt crisis. The lack of clear direction over the country’s issues is causing concerns amongst global investors. Despite this, the euro strengthened against the US dollar on rumours that China has been actively buying Portuguese “bail out” bonds.

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