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Posted May 18th, 2012 by Charles Purdy

EURO/GBP Rate & Comments for 18th May 2012

EURO/GBP – 1.2451

Sterling hit fresh highs against the euro this week as the markets continued to speculate that Greece could soon leave the euro before weakening off against the majority of currencies yesterday. The Bank of England inflation report revealed a downgrade of its growth forecasts for the UK economy largely due to the fears spreading from the Eurozone. Other data released also revealed that the UK posted a slightly larger trade deficit than anticipated. With very little data released globally today, the markets will look to insight form the G8 meetings and any news from Europe for influence; so, call in now for an update and a live quote.

The euro came under a lot of pressure this week as fears spread that Greece could soon leave the Eurozone. As no government has been formed in Greece, another election has been scheduled for June 17th. Moody’s has downgraded 16 Spanish banks, and Fitch has also downgraded Greece causing further concern for investors. With no data out of the Eurozone today, the global markets will keep a very close eye on any news coming from Spain or Greece as fears surrounding the single currency continue to dominate the news. Call in now for a live update and the latest news. 

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