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Posted April 20th, 2012 by Charles Purdy

EURO/GBP Rate & Comments for 20th April 2012

EURO/GBP - 1.2220

Sterling had a very strong day yesterday strengthening against all the major currencies whilst reaching a 20 month high of 1.2230 against the euro. Figures released showed that the number of new people claiming unemployment benefits rose by less than expected and the unemployment rate also dropped. The Bank of England’s policy meeting minutes revealed that the MPC members voted 8-1 to keep quantitative easing unchanged as opposed to 7-2 last month which boosted sterling’s strength as investors viewed that the likelihood of further quantitative easing in the short term had diminished. With very little data out of the UK today, the markets will look to absorb the news from yesterday whilst looking elsewhere for influence; so, call in now for the latest update and a live quote.

The euro was particularly weak against sterling yesterday, ended the day fairly flat against the US dollar; but was strong against the majority of other currencies. The Eurozone current account figures released yesterday were much worse than excepted posting a €1.3 billion deficit from an expected surplus of €4.1 billion. Furthermore, EU construction output for February was much worse than expected plunging by 7.1%. The International Monetary Fund (IMF) also stated that European banks may be forced to try and slash their balance sheets due to the on-going economic crisis potentially causing another credit crunch. A crucial Spanish 10 year bond auction will be held today and will go some way to show investors’ confidence in the nation. There is the potential for even more volatility today so call in now for a live quote and the latest news.

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