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Posted June 8th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 8th June 2011

EURO/GBP - 1.1186

Sterling gained against a weaker US dollar but gains were capped and it slipped against the euro on soft UK data. Figures from the Halifax showed that house prices increased by only 0.1% last month and an unexpected drop in retail sales undermined the fragility of the UK economy. With the Bank of England’s monthly interest rate meeting on Thursday, this poor data only goes to support no change in monetary policy for another month as the MPC tries to avoid stifling UK growth despite rampant inflation. It is a quiet day for data today in the UK, so call in now for a live exchange rate.

In the euro zone, the euro hit a one-month high of $1.4682 against the US dollar, helped by more favourable German factory data, but also by a general US dollar sell-off. The euro also gained after a senior government official stated that the Greek government expects parliament to meet one of the conditions for receiving new international funding – namely voting through austerity measures to rein in spending. Against sterling, many investors are bracing for an interest rate hike in the euro zone in July which saw the euro gain. Out today, there is European GDP and German production data, so ensure you take advantage of any movements.

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