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Posted June 29th, 2012 by Charles Purdy

EURO/GBP Rate & Comments for 29th June 2012

EURO/GBP 1.2410

Sterling had a mixed week. It strengthened against the euro in the run up the EU Economic summit taking place on Thursday and Friday of this week but quickly lost ground on the overnight announcement that the Eurozone’s bailout fund would support struggling banks without adding to government debt. Against the US dollar the reverse trend was seen as risk aversion became the main driver in the market in the first half of the week with a rapid reversal overnight. The UK’s final GDP reading yesterday showed that the economy had contracted by much more than expected in the fourth quarter of 2011 outlining that the UK is in a deeper recession than originally anticipated. The Bank of England’s inflation report hearing outlined that all members of the Monetary Policy Committee shared the same sentiment that monetary policy should be kept loose causing increased speculation that we could see further monetary easing in July. The Governor of the Bank of England is speaking today whilst the central banks Financial Stability report is also released which should provide further insight into the state of the economy and possible further indication to the central banks plans for monetary policy going forwards. Call in now for the latest news and a live quote.

The euro had a very poor week until Friday morning and the announcement of Eurozone bailout funds support for the banks, struggling against the majority of currencies. Fears surrounding Spain were intensified due to the Spanish prime minister also hinting that a full government bailout may be required if borrowing costs continue to remain high. Italy’s bond yields also continued to rise this week causing the euro to weaken further as Italy’s total debt in more than twice Spain’s. Rumours also started to circulate this week that the European Central Bank may pause on its asset purchase facility and may cut the central bank rate instead next month. Cyprus also announced that it will seek a bailout to aid its failing economy. German employment data released yesterday also disappointed. It was also announced at the EU economic summit that a Eurozone supervisory body for banks would be formed. The EU economic summit continues today which could cause a lot of volatility if any further substantial news is released. Call in now for the latest news and a live quote.

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Posted June 27th, 2012 by Charles Purdy

EURO/GBP Rate & Comments for 27th June 2012

EURO/GBP – 1.2506 Sterling was relatively strong against the euro being viewed as a "relative" safe haven asset; but, remained fairly range bound against the majority of other currencies as public sector borrowing figures were worse than expected. The Bank of England’s inflation report hearing suggested that all members of the Monetary Policy Committee shared  Continue Reading…

Posted June 26th, 2012 by Charles Purdy

EURO/GBP Rate & Comments for 26th June 2012

EURO/GBP – 1.2448 Sterling held its own against the euro and the commodity backed currencies yesterday; whilst weakening slightly against the US dollar and Japanese yen as risk aversion drove the market. Public sector net borrowing figures and the Bank of England’s inflation report hearing will be the main news on the UK’s economic calendar  Continue Reading…

Posted June 25th, 2012 by Charles Purdy

EURO/GBP Rate & Comments for 25th June 2012

EURO/GBP – 1.2439 Sterling had a poor day on Friday weakening off against the majority of currencies with trading volumes low due to the lack of data released globally. Sterling has been trading in a fairly narrow range against the € [1.23 to 1.245] and against the US$ [1.55 -1.575] for the last couple of  Continue Reading…

Posted June 22nd, 2012 by Charles Purdy

EURO/GBP Rate & Comments for 22nd June 2012

EURO/GBP 1.2436 Sterling has had a mixed week as global risk sentiment shifted following the Greek elections and announcements from the UK’s and US central banks. At the beginning of the week lower than anticipated inflation figures drove sterling weaker as speculation grew that next month could bring another round of quantitative easing. This speculation  Continue Reading…

Posted June 21st, 2012 by Charles Purdy

EURO/GBP Rate & Comments for 21st June 2012

EURO/GBP – 1.2364 Sterling weakened off sharply in the morning as the Bank of England’s policy meeting minutes revealed that the MPC members voted 5-4 to keep quantitative easing unchanged. This a big shift from last month’s 8-1 vote suggesting that we will see more quantitative easing announced in July which clearly undermined sterling. The  Continue Reading…

Posted June 20th, 2012 by Charles Purdy

EURO/GBP Rate & Comments for 20th June 2012

EURO/GBP – 1.2393 Sterling had a mixed day yesterday weakening by 0.75 cents against the euro but strengthened against the US dollar and Japanese yen. Much lower than anticipated Consumer Price Index (CPI) inflation data drove sterling weaker in the morning which led to increased speculation that the Bank of England could look to inject  Continue Reading…

Posted June 19th, 2012 by Charles Purdy

EURO/GBP Rate & Comments for 19th June 2012

EURO/GBP – 1.2446 Sterling strengthened by 1 cent against the euro yesterday as the mild euphoria surrounding the Greek election results on Sunday quickly faded away. The main news on the UK’s economic calendar today is inflation data in the form of the Consumer Price Index (CPI). It is expected to be less than 3%  Continue Reading…

Posted June 18th, 2012 by Charles Purdy

EURO/GBP Rate & Comments for 18th June 2012

EURO/GBP – 1.2362 Sterling was fairly range bound on Friday as the markets were fairly quiet due to traders taking a cautious stance in the run up to Sunday’s Greek election. The G 20 meeting on Monday and Tuesday is expected to provide more information about increasing liquidity in the financial markets, similar to the  Continue Reading…

Posted June 15th, 2012 by Charles Purdy

EURO/GBP Rate & Comments for 15th June 2012

EURO/GBP 1.2302 Sterling had a mixed week staying fairly range bound against the majority of currencies as risk appetite and risk aversion fluctuated. The main data out this week was the monthly manufacturing production figures which were much worse than expected, leading to speculation that the UK could fall into a deeper recession meaning further  Continue Reading…

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