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Posted June 30th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 30th June 2011

EURO/GBP - 1.1060

Sterling recovered against the euro yesterday after the Greek parliament approved a vital set of austerity measures that pave the way for further funds from the ECB and a widely anticipated second bailout. Sterling also made gains against the US dollar after a poll showed a jump in inflation expectations that boosted hopes of an earlier than anticipated interest rate hike in the UK. Currently markets expect that the Bank of England will wait until at least 2012, before touching rates. Out today, we have house price figures so call in now for a live exchange rate to avoid missing out.

In the euro zone, the big market moving news of the day was that Greece’s parliament approved deeply unpopular austerity measures. Despite violent protests in Athens’ Syntagma Square, this vote paved the way for access to a key tranche of funds from the ECB and a further bail out. Parliament approved a 5 year package of cuts, tax increases and the sale of state assets. Whilst this is a step in the right direction, it is not anywhere close to sorting out the mess that Greece is in. Many expect that Greece will still default at some point and that debt restructuring is inevitable. Call in now for a live price.

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Posted June 29th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 29th June 2011

EURO/GBP - 1.1171 Sterling fell against the euro yesterday, hitting an 8 week low, after Bank of England policymakers opened the door for further Quantitative Easing suggesting that the Bank is sticking to its guns on inflation forecasting which it has argued for some time will spike this year before falling off. This left investors even  Continue Reading…

Posted June 28th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 28th June 2011

EURO/GBP - 1.1171 Sterling fell to a 5 month low against the US dollar yesterday as concerns over the European debt crisis saw a spike in risk aversion and investors bought safe haven currencies. Sterling dropped as low as $1.5940/£1 as investors looked to park funds away from any perceived European exposure. Sterling also fell as  Continue Reading…

Posted June 27th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 27th June 2011

EURO/GBP - 1.1255  Sterling fell below $1.60 against the US dollar for the first time since April 1 last week and fell below €1.12 against the euro as retail sales figures for the UK fell to the weakest level in a year. As expected, Bank of England policymakers voted 7-2 in favour of no change to  Continue Reading…

Posted June 24th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 24th June 2011

EURO/GBP – 1.1227   Sterling fell below $1.60 against the US dollar for the first time since April 1 and fell below €1.12 against the euro as retail sales figures for the UK fell to the weakest level in a year. This was seen as justifying the Bank of England’s decision earlier in the month to  Continue Reading…

Posted June 23rd, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 23rd June 2011

EURO/GBP - 1.1239 Sterling fell against the euro yesterday, dropping below €1.12/£1 as the Bank of England minutes raised the possibility of further Quantitative Easing. The Bank kept interest rates on hold at 0.5% and felt that the growth outlook for the UK had weakened, raising the prospect of another round of stimulus in the same  Continue Reading…

Posted June 22nd, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 22nd June 2011

EURO/GBP - 1.1274 Sterling dropped sharply against the euro yesterday after key Bank of England policymaker Paul Fisher signalled that the UK could be in for further Quantitative Easing if deflationary pressures mount. With recent UK data underperforming, analysts have pushed back expectations of an interest rate hike in the UK well into next year. Earlier  Continue Reading…

Posted June 21st, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 21st June 2011

EURO/GBP - 1.1307 Sterling slipped against the US dollar as investor sentiment plunged as European governments failed to agree on releasing a loan payment to Greece. However, sterling did recover later in the day after comments from a top euro zone policy maker helped calm immediate fears over stability in the region. Financial markets were very  Continue Reading…

Posted June 20th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 20th June 2011

EURO/GBP - 1.1349 Sterling had a subdued end to the week following weaker than expected retail sales figures and the “dovish” (i.e. not keen to tighten monetary policy) stance of Bank of England governor Mervyn King at a key speech last week. With no key data released today, markets are likely to focus on the ongoing  Continue Reading…

Posted June 17th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 17th June 2011

EURO/GBP - 1.1380 Sterling fell against the US dollar on Thursday after figures were released that showed UK retail sales fell by more than expected, adding further weight to calls for the Bank of England to keep interest rates on hold. Higher fuel costs and ongoing uncertainty over employment prospects kept consumer spending in check. Data  Continue Reading…

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