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Posted July 19th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 19th July 2011

EURO/GBP - 1.1391

Sterling hit a one-and-a-half-month high against the euro on Monday, spurred on by moves away from the euro as euro zone finance ministers failed to find a solution to the region’s worsening debt crisis. Sterling fell just short of €1.15/£1, gaining significantly from the start of the month when it hit €1.11/£1 against the single currency. Recent figures from Lloyds TSB estimate that sterling is around 20% undervalued against the euro and despite a less-than-rosy outlook for the UK economy, analysts feel sterling’s recent run higher versus the euro was unsurprising given the level of negative sentiment towards the euro. Call in now for a live exchange rate.

In the euro zone, the euro fell to a record low against the Swiss franc and slid the most in almost a week against the dollar on concern European leaders will fail to agree on a way to contain the region’s debt crisis at a summit this week. In addition, Italian and Spanish bond yields jumped to record levels. Markets are concerned that whilst Europe continues to follow the current strategy, contagion fears will spread into peripheral countries such as Spain and Italy. Out today there is German economic sentiment which has a tendency to cause volatility so ensure you don’t miss out and speak to one of the team today.

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