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Posted December 20th, 2011 by Charles Purdy

EUR/GBP Rate & Comments for 20th December 2011

EURO/GBP - 1.1934

Sterling continued to hover around a 10 month high against the euro on Monday as concerns over the euro zone crisis saw investors prefer sterling to the ailing single currency.  Sterling closed the day near earlier highs of €1.1930/£1 but still remains vulnerable to poor economic data as the UK recovery stagnates. Potential political instability in North Korea saw sterling drop against the US dollar yesterday morning but strong demand from one bank in London saw sterling recover against the US currency. With thinning trade volumes in the run up to Christmas, there is the potential for some volatile moves so call in now if you have upcoming payments to make to avoid losing out.

In the euro zone, the threat of further downgrades kept the euro under pressure yesterday. The ‘risk off’ trading conditions in the wake of the news over Kim Jong-il’s death combined with this to see the euro drop against its major counterparts. The euro is down by over 2% against sterling in the past month as investors prefer the liquidity that sterling offers in the face of a cloudy future for the single currency heading into 2012. Belgium’s credit rating downgrade on Friday has left many feeling that other major countries in the region are set to suffer a similar fate in the coming months. Call in now for a live exchange rate.

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