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Posted July 26th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 26th July 2011

EURO/GBP - 1.1271

Sterling came off a five-week high against the US dollar yesterday, with investors wary of UK data activity showing lower than expected figures this week. Investors said that sterling was overvalued above $1.63/£1 against the US dollar – especially if today’s GDP figures disappoint as many expect. Some analysts compared moves between sterling, euro and the US dollar to an ugly contest in recent weeks. Whilst the UK economy has a credible fiscal plan in place, it has been held back by weak economic growth. Prime Minister David Cameron yesterday warned that Britain’s path to growth will be a difficult one and there was no more money for another round of Quantitative Easing. Call in now for a live exchange rate.

In the euro zone, credit rating agency Moody’s cut Greece’s credit rating further into ‘junk’ territory yesterday and said it was almost certain to call a default on debt given the new bailout, which trimmed the country’s payouts to many holders of Greek debt as the private sector shouldered some of the burden. In a day of volatile trading and concern over a lack of a decision on the US debt ceiling saw many investors selling the euro and US currency. Call in now to avoid losing out. 

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