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Posted May 23rd, 2012 by Charles Purdy

EURO/GBP Rate & Comments for 23rd May 2012

EURO/GBP – 1.2414

Sterling came under pressure yesterday; but, recovered in the afternoon as the International Monetary Fund (IMF) said that the UK needs to consider injecting more money into the economy and potentially cutting interest rates to stimulate growth. Furthermore, data released in the UK showed that inflation has fallen to a two-year low, dropping from 3.5% to 3.0%. Both this month’s Monetary Policy Committee meeting minutes and monthly retail sales data are released today with the former potentially revealing the central banks intention to increase its accommodative monetary easing. If more members have voted for further quantitative easing than expected, then sterling could come under pressure today; so, call in now for the latest news and a live quote.

The euro was struggling yesterday due to the news that the Organisation for Economic Co-operation and Development (OECD) had downgraded the growth forecasts in the EU and for Spain and Greece in particular. The EU economic summit should shed some light on any potential measures that could be implemented to fight the debt crisis and boost growth; however, with the German Chancellor Merkel and French President Hollande having very different opinions on the right cause of action, we will have to see what the outcome will be. Call in now for the latest news and a live quote.

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