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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 policy and to call on further stimulus if UK growth continued to suffer – a move that attracted criticism over the weekend from the Bank of International Settlements over the weekend. The BIS warned that the UK’s ultra-loose monetary policy in the face of inflation at double its target risked creating financial distortions, misallocations and instability. On a more positive note, the ‘Lloyds business barometer’ showed a strong rebound in June and as a result the bank now expects a correlating improvement in UK economic activity in 3-4 months time. Elsewhere this week, we have an array of data so call in now for a live exchange rate to avoid losing out.

In the euro zone, the Greek crisis continues to dominate the headlines and drive market movement. Greek PM George Papandreou survived an important vote of confidence last week, paving the way for Parliament to enact the relevant austerity measures that are required before the country receives any further funding. This vote is due on Tuesday and will be the key focus this week. It will be a surprise if this does not go through, but expect some market volatility surrounding this event either way. Call in now to plan a currency strategy and avoid losing out.

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