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Posted May 28th, 2012 by Charles Purdy

EURO/GBP Rate & Comments for 28th May 2012

EURO/GBP – 1.2446

Sterling remained fairly range bound on Friday due to a relatively light day on the data front across the world. The main data out of the UK this week is the Manufacturing Purchasing Managers’ Index (PMI) as well as the bench mark 10 year bond auction. With a bank holiday in much of Europe and the US, trading volumes will be down on Monday; but, there is still the potential for a lot of volatility so call in now for the latest news and a live quote.

The euro had another poor day on Friday reaching fresh lows against the US dollar as it was suggested that the Spanish Bank Bankia will need approximately double the 9 billion euros that was originally stated that it would need to restructure its debt. On the data front on Friday, German consumer sentiment came in as expected. There is a bank holiday across much of Europe on Monday. This week, Ireland will vote on a referendum to accept or reject the European Union’s Stability Treaty. There will also be an Italian bench mark 10 year bond auction. The focus this week will remain firmly on any news out of Greece and Spain, whilst  the Irish vote will also be watched carefully by investors; so, call in now for the latest news and a live quote.

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