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Posted April 26th, 2012 by Charles Purdy

EURO/GBP Rate & Comments for 26th April 2012

EURO/GBP – 1.2235

Sterling weakened off against the majority of currencies yesterday morning as quarterly GDP figures released showed that the UK is now technically back in recession; the first double dip recession since the 1970’s. The news that the UK is now back in recession has prompted a call for further quantitative easing from certain sectors of the market; however, the asset purchase program is still expected to be kept on hold next month. There is very little market data out of the UK today except mortgage approval figures; as a result, the market will look elsewhere for influence so call in now for a live quote and the latest news.

The euro had a mixed day yesterday strengthening against sterling in the morning following the poor GDP figures released in the UK; but, came under pressure against the majority of currencies as the day progressed. Yesterday, the ECB president called for a “growth compact” as the measures currently employed are not having the desired effect. The German Chancellor backed this idea stating that “structural reforms” need to be implemented. The Eurozone still remains on a knife edge, and any news could cause a lot of volatility so call in now for a live update and a live quote.

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