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Posted July 14th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 14th July 2011

EURO/GBP - 1.1358

Sterling climbed against a weaker US dollar yesterday as US Federal Reserve Chairman Ben Bernanke hinted at the possibility of further monetary stimulus for the US economy. The pound recovered from lows earlier in the week to peak at $1.6120/ £1. However, sterling fell against the euro as data released showed that the number of people claiming unemployment benefits jumped unexpectedly last month, taking the figure to the highest level since March of last year. The unemployment rate stayed steady at 7.7%. Overall this added to the view that the UK economic outlook is worsening, with the likelihood that interest rates will remain on hold well into next year. It is a quiet day for UK data today, but call in as we are still likely to see some large volatility.

In the euro zone, the euro had its best day against the US dollar since April, rebounding above $1.41/€1 as news of the potential fresh round of US quantitative easing saw investors look to higher yielding assets in the euro zone. In addition, credit rating agency Fitch said that an ambitious deficit reduction plan from Italy would help stabilise its credit rating. This was seen as positive news for the euro. Out today, there is European wide inflation data which – if higher than expected – could see the euro strengthen so call in now for a live exchange rate.

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