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Posted January 26th, 2012 by Charles Purdy

EUR/GBP Rate & Comments for 26th January 2012

EURO/GBP - 1.1948

Sterling regained ground against the euro yesterday after hitting a 4 week low against the currency, however the pound struggled to make many gains as investors became concerned over further economic weakness in the UK. In a speech last night, Bank of England governor Mervyn King hinted at a further round of Quantitative Easing in the coming month’s meeting. Today sees the minutes from last month’s meeting which are expected to elaborate on this position. In addition, we have the 1st estimate GDP figures for the 4th Quarter of 2011, which are expected to show a contraction of the eUK economy in the last 3 months of the year. Call in now for a live exchange rate.

In the euro zone, the euro remained quite resilient yesterday helped by better PMI figures on economic activity. In addition, markets shook off the news that the Greek ‘PSI’ deal would be delayed further after Euro zone Finance Ministers rejected the current proposal after insisting that interest payments on the re-negotiated bonds should now be below 4%. The deadline for a new agreement has now been pushed back to February 13th. There is little in the calendar from Europe today, but events are likely to be driven by activity in the UK/ USA so ensure you don’t lose out and call in today.

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