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Posted May 24th, 2012 by Charles Purdy

EURO/GBP Rate & Comments for 24th May 2012

EURO/GBP – 1.2461

Sterling strengthened against the euro and the commodity backed currencies; but, weakened against the US dollar and Japanese yen as risk aversion drove the market. Data released yesterday showed a sharp drop in retail sales figures to -2.3% when only a -0.8% figure was expected. The Bank of England’s policy meeting minutes revealed that the MPC members voted 8-1 to keep quantitative easing unchanged despite the deterioration of the Eurozone. Revised GDP data released today could cause a lot of volatility if the figures differ significantly from the widely disputed preliminary figures that showed the UK was back in a technical recession; so, call in now for the latest news and a live quote.

The euro was extremely weak yesterday reaching a 22 month low against the US dollar as fears that Greece could soon leave the euro were reaching fever pitch as rumours started to circulate that EU policy makers have now started to put contingency plans in place. German bond yields (treaded as a safe haven) have also reached an all-time low reaffirming the markets fear for the so called "Grexit” (Greek exit). German and Euro wide manufacturing Purchasing Managers’ Index (PMI) figures are released today; furthermore, German business climate data will go some way to show the state of the Eurozone economy; however, expect any news from Greece to have a much bigger impact on the market. Call in now for the latest news and a live quote.

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