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Posted October 25th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 25th October 2011

EURO/GBP - 1.1479

Sterling dropped against the US dollar yesterday, coming off a 6 week high of $1.6001/£1 as uncertainty over the European debt crisis put pressure on ‘riskier’ currencies. The poor appetite for risk and lack of any positive UK data meant that investors took profits from sterling’s earlier rally. With the UK exposed to the euro region, investors were increasingly negative over the pound’s prospects in the event that Wednesday’s announcement over the European debt crisis fails to deliver an effective solution. Out today we have UK current account data so call in now for a live exchange rate to ensure that you don’t lose out.

In the euro zone, the euro gained against the US dollar for most of the day as markets became cautiously optimistic about Wednesday’s announcement despite rumours of political bickering over the weekend and disagreement over several key parts of the package. Aside from the obvious focus on the debt crisis, there was mixed purchasing manager data from across the region which further added to the gloomy picture of European recovery. Call in now for a live exchange rate as there is likely to be further volatility surrounding Wednesday’s announcement.

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