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Posted December 19th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 19th December 2011

EURO/GBP - 1.1910

Sterling is holding on to gains against the euro as the euro zone debt crisis cast a shadow over the single currency. Last week saw sterling break above €1.19/£1 for the first time in 9 months as credit rating agency Standard & Poor’s put 15 of the 17 euro members on notice of a credit rating downgrade. The outlook for the UK economy remains fragile despite upward revisions to retail sales figures. In the run up to Christmas, it is a relatively quiet week for data but we still have the Bank of England’s meeting minutes and also final GDP figures for Quarter 3. Call in now for a live exchange rate.

In the euro zone, last week saw Belgium’s credit rating downgraded and France’s rating outlook downgraded to negative. Ongoing concerns over sovereign rating downgrades will keep the euro under pressure heading into the festive period. The main activity today that markets will be looking closely at is a conference call this afternoon between European finance ministers to discuss ways to boost IMF resources. Call in now for a live exchange rate.

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