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Posted October 21st, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 21st October 2011

EURO/GBP - 1.1459 

Sterling fell after an earlier rally against the US dollar yesterday, but gained against the euro after investors questioned how much progress would be made in the European debt crisis over the weekend. Sterling got an earlier boost against the US dollar as an unexpected jump in retail sales in the UK saw a short-lived rally die out following the view that this would do little to change the faltering UK recovery’s prospects. Sales rose by 0.6% but sterling is being bogged down by the possibility of more Quantitative Easing. Minutes from the Bank of England’s meeting this week showed the distinct possibility of further easing in the medium term. Call in now to ensure you don’t lose out.

In the euro zone, the euro has had a very volatile week ahead of Sunday’s European summit as traders speculated whether the summit will deliver a decisive solution to solve the region’s debt crisis. The ebb and flow between optimism over a comprehensive solution has contrasted with market rumours over German scepticism – especially from the country’s finance minister, leaving a very choppy market this week. This is set to continue into next week and no-one really knows the impact that the summit will have. If markets approve sterling could plummet (albeit briefly) against the euro, but if they do not, we could see a run into the 1.15’s. Ensure you are prepared and why not consider an order to buy to take advantage if the rate does move. 

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