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Posted January 23rd, 2012 by Charles Purdy

EUR/GBP Rate & Comments for 23rd January 2012

EURO/GBP - 1.2006

Will be an interesting week for sterling as the minutes of the last Bank of England meeting and economic growth data for the final quarter of 2011 are both released on Wednesday. The market will be very interested to see the BoE views on their programme of quantitative easing. The last increase to £375 billion will be used up by early February and given the expected poor economic growth for the final quarter of 2011 the market expectation is for further assistance. Quantitative easing is usually negative for sterling.
In Europe there is a meeting of the finance ministers. Unsure what progress will be made but it will be held against a backdrop of deteriorating economic data. We also have the final throes of the discussion between the Greek government and their lenders. Hasn’t been going well over the last few weeks so it seems to be make or break time. As with the whole history of the euro zone debt crisis there seems to be an inability to do things quickly and efficiently which increases volatility and uncertainty.

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