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Posted October 24th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 24th October 2011


Sterling strengthened to a 6 week high against the US dollar this morning as it tracked optimism that a deal would soon be reached to solve the European debt crisis. The weekend’s meetings of European officials (which had already been delayed by a week and was supposed to deliver a comprehensive solution by yesterday) has been met with cautious optimism by the markets, despite bickering and the postponement of the main announcement. Prime Minister David Cameron had issued a stark warning that the crisis was having a “chilling effect” on growth. In terms of data, it is a relatively quiet week with UK current account figures being the biggest event tomorrow. In addition, a number of policymakers from the Bank of England are making speeches which are likely to be followed closely.

In the euro zone, cracks appeared to be showing in Europe’s recent show of solidarity as politicians bickered and yet again pushed back the deadline for presenting a solution to the euro zone crisis. The divisions seem to revolve around the level of the ‘haircut’ required by holders of Greek government bonds. Several members are pushing for a 50% cut against the 21% that was announced in July. Despite the announcement of a ‘comprehensive solution’ being delayed yet again, markets are quite optimistic and as a result the euro has strengthened this morning. Call in now for a live exchange rate.

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