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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 a report showed that house prices fell for the second month in June, adding to concerns that the UK economic recovery stalled in the second quarter. Out today we have current account figures that will give an idea of the level of exporting/ importing the UK is currently undertaking and we also have the final figure for 1st quarter GDP, which could see some movement if it is amended from 0.5% so call in now to ensure you don’t lose out.

In the euro zone, the euro strengthened yesterday after a very volatile day’s trading. Swinging between gains and losses throughout the day, the single currency eventually strengthened on optimism that the Greek parliament will approve key austerity measures that are required to release funding from the ECB and IMF and avoid the euro zone’s first sovereign default. The vote is due later today, so expect wild volatility as the markets respond to headlines and live coverage of the vote. Call in now for a live exchange rate.

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