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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 quantitative easing could be required to try and boost the economy. Today, there is very little data on the UK’s economic calendar except Trade Balance data which may give some further indication into the state of the economy. Expect the markets to be very jittery today in the final day of trading before this weekend’s general election in Greece. Investors are very tentative/worried about what Monday may bring; call in now for a live quote and the latest news.

It has been a turbulent week in Europe with the euro starting the week relatively strong following the announcement that Spain had requested a €100 billion bailout to help its struggling banking sector. However, investors were left unimpressed by the details surrounding the bailout and Fitch (one of the big three credit rating agencies) downgraded Spain’s credit rating by two notches (placing it just three levels above ‘junk’ bond status) whilst also downgrading 18 Spanish banks. More worries came as Spanish benchmark 10 year bonds yields hit 7% on Thursday (the first time since the euro was formed); whilst Italian bond yields are also pushed higher. The President of the European Central Bank is speaking first thing this morning; but, the markets will be on edge with the Greek election on Sunday potentially deciding Greece’s future within the Eurozone and the make-up of the Eurozone. Call in now for the latest news and a live quote.

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