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Posted March 22nd, 2012 by Charles Purdy

EURO/GBP Rate & Comments for 22nd March 2012

EURO/GBP - 1.2001

Sterling had a poor start to the day as the Bank of England’s minutes revealed that two of its members voted for the further injection of £25 billion into the economy causing speculation that further Quantitative Easing could be on the way.  The negative sentiment toward sterling was magnified due to extremely poor UK public borrowing figures  showing borrowing rose by a larger than expected £15.2bn in February, nearly double the markets estimates. The annual budget release did little to effect sterling’s strength as the chancellor’s announcements were largely pre-meditated by the market. Retail sales data is the main release from the UK today with the figures expected to show a 0.5% contraction from last month. Call in now for the latest update and the latest news.

The euro had a volatile day as the markets looked towards the releases in the UK and the US for influence. Risk aversion drove the euro weaker in the afternoon against the majority of currencies. The Precedent of the European Central Bank is speaking today to provide some insight on the state of the Eurozone economy so call in now for a live quote and the latest updates.

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