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Posted May 29th, 2012 by Charles Purdy

EURO/GBP Rate & Comments for 29th May 2012

EURO/GBP – 1.2496

Sterling strengthened slightly against the US dollar and Japanese yen yesterday, whilst weakening off against the commodity backed currencies as risk appetite drove the market in the early hours due to the latest news coming from Greece. It was a very quiet day for data across the globe generally yesterday as the US and much of Europe was enjoying a bank holiday. The Confederation of British Industry (CBI) survey on the relative level of current sales volume is the only data of note released form the UK today; so, call in now for the latest update and a live quote.

The euro recovered yesterday morning as market fears eased somewhat after opinion polls in Greece suggested that the pro bailout New Democracy party would win the vote on June 17th; however, the party needs to win a majority vote or form a pro-bailout coalition government otherwise it still seems likely that Greece could leave the euro. However as the day progressed concerns about Spanish debt came to the fore as yields on longer term Spanish debt increased to over 6.5%. 7% is viewed as the level at which government debt repayments become unsustainable. It will be another quiet day for data in the Eurozone today, with preliminary German inflation data the main news on the agenda; so call in now for the latest update and a live quote.

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