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Posted March 23rd, 2012 by Charles Purdy

EURO/GBP Rate & Comments for 23rd March 2012

EURO/GBP 1.1985

Sterling had a mixed week trading in a range against the euro and the US dollar; but, strengthening against the commodity backed currencies. The Bank of England’s minutes revealed that two of its members voted for £25 billion more to be pumped in to the economy which led some economists to predict that further stimulus could be on the way.  Data released showed public borrowing rose by much more than expected last month. The annual budget was also announced, which included several new policies on tax and included several unpopular proposals; however, the budget announcement did little to effect sterling’s strength as the announcements were largely expected. The slump in retail sales figures released yesterday did little to help the negativity in the UK with data showing a contraction of -0.8% as opposed to the -0.5% expected. There is very little data out of the UK today except figures showing the change in the number of mortgages that were approved last month. Call in now for the latest news and a live update.

There was very little data released from the Eurozone this week; but, a raft of poor Purchasing Managers’ Index (PMI) data out yesterday with both the Manufacturing and Services sectors contracting across Europe did little to reassure the market. There is little data out of Europe today; but, the euro is as unpredictable as ever so call in now for the latest update and the latest news.

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