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Posted May 21st, 2012 by Charles Purdy

EURO/GBP Rate & Comments for 21st May 2012

EURO/GBP – 1.2372

Sterling strengthened against the commodity backed currencies on Friday; but, weakened off against the majority of others as one of the members of the Monetary Policy Committee suggested that further Quantitative Easing could be required to prop up the UK economy. Revised GDP data this week will show if the UK economy is actually back in recession as many economists suspect the preliminary figures released were inaccurate. The Bank of England’s inflation letter, Monetary Policy Committee meeting minutes and monthly retail sales data could cause a lot of volatility this week by providing insight into the state of the UK’s economy and any action that could be taken in the next couple of months. Call in now for the latest news and a live quote.

The euro recovered against the majority of currencies on Friday despite the continued worry about a potential Greek exit. Manufacturing and services Purchasing Managers’ Index (PMI) data is released this week; furthermore, business climate data from Germany showing the sentiment of manufacturers, builders, wholesalers and retailers will go some way to show the state of the euro economy which is extremely fragile at present. Call in now for the latest news and a live quote. 

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