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Posted July 28th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 28th July 2011

EURO/GBP - 1.1368

Sterling slipped against the US dollar yesterday, falling off 2 month highs as data showed that UK factory orders declined more than estimated and manufacturer optimism dropped to the lowest level in 2 years. Sterling also fell against the euro as the figures boosted the case for the Bank of England to keep interest rates on hold at record lows. Tuesday’s GDP data showed that UK economic growth for the 2nd Quarter was poor and as a result the Bank is likely to leave monetary policy alone until at least next year. Out later today there is consumer confidence data, so call in now for a live exchange rate.

In the euro zone, the single currency fell below $1.44/ €1 against the US dollar yesterday as stock markets reflected investor concerns over the US stalemate over the debt ceiling negotiations. Germany’s Finance Minister Wolfgang Schaeuble also made comments that didn’t help the euro after objecting to Germany writing a “blank cheque” to help the euro zone rescue fund to buy bonds. The euro continues to remain strong against the pound on favourable interest rate differentials – call in now for a live exchange rate.  

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