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Posted July 5th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 5th July 2011

EURO/GBP - 1.1060

Sterling strengthened slightly against the euro and US dollar yesterday despite data showing that construction activity fell more than estimated in June, adding to speculation that the Bank of England will keep interest rates at a record low well into next year. The pound gained some support following a report by Recruitment Company Reed that showed UK job creation accelerated in June – particularly in the insurance and engineering sectors. Sterling’s biggest move was against the Australian dollar which slipped following poor figures. Out today, we have UK house prices and services sector activity so call in now for a live exchange rate.

In the euro zone, the euro slipped from one-month highs against the dollar after credit rating agency Standard & Poor’s said that a planned ‘debt rollover’ being considered for Greece may put the country into selective default. However, expectations remain for a second Greek bailout in September that helped support the single currency. European Finance ministers meet on July 11 to work on Greece’s next rescue package, after the release of funds over the weekend staved off a default until September. The euro could strengthen further on Thursday if the ECB goes ahead with a planned interest rate hike. Call in now to protect yourself from any adverse market movements. 

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