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Posted June 2nd, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 2nd June 2011

EURO/GBP - 1.1354

Sterling had a poor day yesterday, plummeting against the US dollar and euro to close the day nearly 0.6% down against both currencies. The reason for the sudden drop was that UK manufacturing data came in much worse than expected. Manufacturing PMI data fell to a 20 month low of 52.1 last month, well below the 54.1 that had been forecast. In addition, UK mortgage approvals fell to their lowest level in four months. Whilst many had been expecting a lower reading on both, the unexpectedly steep drop sent sterling tumbling. Poor data has reduced the likelihood of the Bank of England increasing interest rates and with even more key sector activity figures coming out over the week, there is a risk that sterling will drop further so call in now for a live exchange rate.
In the euro zone, in contrast to sterling, the euro showed little reaction to lower than expected euro zone manufacturing PMI data which showed growth slowing. Despite the region embroiled in a second round of panic over the debt crisis, investors are more focused on a European Central Bank meeting next week when policymakers are widely expected to signal a rate hike in July. There was some volatility as mixed speculation abounded with regards to a potential second bailout for Greece, and this is likely to continue whilst the EU and IMF negotiate a solution. As a result, ensure you speak to a trader to avoid losing out.

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Posted June 1st, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 1st June 2011

EURO/GBP - 1.1425 Sterling hit the highest level against the US dollar in nearly a month yesterday after a jump in global risk appetite saw investors move away from the ‘safe haven’ of US dollars into other higher yielding currencies. Despite a quiet day for data, progress on the euro zone debt crisis saw a surge  Continue Reading…

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