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Posted July 7th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 7th July 2011

EURO/GBP - 1.1180

Sterling fell against both the euro and US dollar yesterday as an interest rate hike in China and euro zone peripheral debt worries sent investors seeking safety in the safe haven US dollar. The Bank of England is expected to leave interest rates at a record low of 0.5% later today despite inflation running at more than double its 2% target. Interest rate expectations have been pushed back until at least next year and there has even been speculation that the Bank of England may opt to restart its Quantitative Easing programme to try and stimulate demand in the economy. Call in now for a live exchange rate to avoid losing out if there are any adverse market movements. 

In the euro zone, the euro slipped after credit rating agency Moody’s downgraded the Portuguese government debt rating and it slipped to a low against the US dollar this morning as the agency downgraded Portuguese banks’ government backed debt. A widely expected interest rate hike from the European Central Bank on Thursday should lend it support. Greek bondholders are today meeting with officials in Paris to discuss a proposed rollover of the nation’s debt as EU leaders insist that private investors contribute to a new aid package for Greece after last year’s 110 billion-euro ($159 billion) rescue. Call in now to avoid losing out due to any adverse market movements.

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