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Posted June 14th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 14th June 2011

EURO/GBP – 1.1360

Sterling hit its strongest level in more than a week against the euro on Monday, helped by concerns over euro zone debt and investors speculating over data released today that is expected to show higher than anticipated UK inflation. Against the US dollar, sterling also gained hitting a high of $1.6340/£1 – shaking off poor figures on Friday that showed a sharp drop in industrial output that saw the pound hit a two week low against the US currency. The big piece of data this week is released later today in the form of inflation figures, which are expected to creep even higher.

In the euro zone, the euro fell to a record low against the safe haven Swiss franc as investor worries over the handling of the Greek debt crisis saw a flight to the safety of the Swiss currency. European policymakers are deadlocked on how to involve private investors in some form of debt restructuring. The ECB is at loggerheads with German proposals for a bond swap that it argues could cause market turmoil. It is a quiet day for data, but the turmoil over Greece is more than likely to cause significant volatility so call in now for a live exchange rate.

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