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Posted October 27th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 27th October 2011

EURO/GBP - 1.1418

Sterling fell off earlier highs against the US dollar yesterday as it followed the euro downwards against the US currency as markets nervously awaited the results from yesterday’s EU summit. After a night of deadlocked talks the EU summit finally delivered what most had been expecting – a 50% write down for holders of Greek bonds and a boost to the European Financial Stability Fund bringing it up to €1 trillion. Sterling is trading in a similar range as previous days this morning, but down against the euro as investors cautiously bought back into the euro on the news. There is limited data out today in the UK, so expect sterling to trade on market reaction to the summit.

In the euro zone, whilst there was an announcement that a decision had been reached on increasing the bailout fund and also recapitalising banks in the region to the tune of €106bn, there was no concrete plan for tackling the ballooning debt in less competitive European countries. After producing a (vague) austerity plan, Italian parliamentarians ended up brawling and grabbing each other’s throats – a photo that you will no doubt have seen by the end of today. Once again, the rhetoric was strong like most other EU summits, however there was a lack of detail that will see things drag on further. Call in now for a live exchange rate.

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