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Posted June 15th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 15th June 2011


Sterling strengthened against a weak US dollar as UK inflation held steady at 4.5% year-on-year in May. Despite holding at a 2 1/2-year high and staying significantly higher than the Bank of England’s 2% target, analysts felt that the data left the UK no nearer to an interest rate hike than before, with the Bank of England having repeatedly warned that inflation could hit 5% before retreating. Sterling hovered around the $1.6400/£1 mark yesterday, having gained nearly 4.5% against the US dollar this year. In terms of data today, we have the UK unemployment claimant count change released later which could see some exchange rate volatility so call in now for a live rate.

In the euro zone, the euro and commodity based currencies rose yesterday, boosted by improved risk appetite after Chinese data eased global growth concerns. The single currency hit a high of $1.4487/€1 against the US dollar – up 0.4% for the day. This came despite the debate still raging over how to bail out Greece again, with Germany and the ECB disagreeing over the level of private involvement with Germany arguing that private creditors should share some of the cost. Greek bond yields touched nearly 17.5% – a record – which gives you some idea of the level of uncertainty surrounding the country.

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