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Posted January 19th, 2012 by Charles Purdy

EUR/GBP Rate & Comments for 19th January 2012

EURO/GBP - 1.2001

Sterling hit the highest level against the US dollar for a week yesterday on news that the International Monetary Fund looked set to boost lending to support the euro and other riskier currencies. Data showed yesterday that the number of Britons claiming unemployment benefits had risen at a lower rate than expected in December. In addition, figures were released that showed that unemployment had crept higher to 8.4%. This did little to allay fears that the UK is heading for a double dip recession. There is no real UK data released today but call in now to avoid losing out to adverse market movements.
In the euro zone, the euro strengthened broadly against its major counterparts on a media report that the IMF was looking to increase its funding capacity. In addition, news circulated that credit rating agency Fitch did not expect Italy to default on its debt. Despite marginally better risk appetite, there is a high risk that negotiations between Greece and its creditors could break down that could trigger panic so call in now for a live exchange rate.

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