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Posted December 16th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 16th December 2011

EURO/GBP – 1.1906 

Sterling has had a strong week against the euro, strengthening to a 10 month high against the single currency and holding ground as European policymakers struggled to come to grips with the euro zone crisis. The pound did however drop against the US dollar as investors looked to the relative safety of the US currency in the face of increasing doubt that a comprehensive solution will be reached on the debt crisis. Whilst sterling has been holding at €1.19/£1, €1.20/£1 is a key level of resistance that will require a large swing in sentiment to reach, but many analysts now expect sterling to push towards that in the coming months. Retail sales were better than expected on Thursday so call in now for a live exchange rate.

In the euro zone, the euro has had a poor week, dropping to an 11 month low against the US dollar and a 10 month low against sterling. Last week’s EU summit seemed to follow the normal pattern – a framework agreed on a solution, but discussions over the detail pushed back to a later date. Investors are becoming increasingly concerned that this lack of action means that policymakers are far from reaching a solution. Concern is mounting that we will begin to see the first stages of a euro break up in the coming months.

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