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Posted May 17th, 2012 by Charles Purdy

EURO/GBP Rate & Comments for 17th May 2012

EURO/GBP - 1.2491

Sterling suffered a setback as the Bank of England cut its growth forecasts and noted that events in the Euro zone increased risk of the UK economic recovery faltering. Not a surprise given events in the southern states of the euro zone and our dependency on the Euro zone as a trading partner. A bit like Canada being very dependent on the US economy. This has raised the spectre of further quantitative easing in the UK which is negative for sterling. One piece of good news was that unemployment had fallen. Call in now to find out the latest news and rates in these highly volatile times.

The euro is still under pressure. Although it gained ground against sterling it continued to lose ground against the US$ dipping below US$1.27/€1 at one stage. The problems in Greece continue with another general election having to be called. It also appears that the European Central Bank is limiting the funds being made available to certain Greek banks from The European Stability Fund which is increasing tension. So not a pretty picture and the debt crisis could well become a currency crisis. Call in now for the latest rates.

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