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Posted April 27th, 2012 by Charles Purdy

EURO/GBP Rate & Comments for 27th April 2012

EURO/GBP – 1.2270 

Sterling had a volatile week hitting fresh 20 month highs of 1.2275 against the euro and fresh 6 month highs of 1.6205 against the US dollar despite a raft of bad data being released. The UK is now in a technical recession after preliminary GDP figures showed the economy unexpectedly slumped by -0.2% in the last quarter. These figures are being disputed by certain economists who are still adamant that the UK grew last quarter; however, irrespective to the true figure it is evident that the economy is very weak. Furthermore, data released this week showed that the total government debt now exceeds the £1 trillion mark for the first time ever. Sterling remains fairly strong despite the poor data released; we will have to see if this pattern continues. Call in now for the latest news and a live quote.

The euro had a poor start to the week as a raft of poor services and manufacturing Purchasing Managers’ Index (PMI) data released in the Eurozone caused the euro to weaken off against the majority of currencies. Developments in the French presidential elections have unsettled the markets as the Franco-German relationship at the centre of the Eurozone could be broken if Sarkozy loses the election. On the agenda today is Italy’s benchmark 10 year bond auction, consumer climate figures from Germany and French consumer spending. Call in now for a live update and the latest news.

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