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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 way that the Bank of England announced its credit easing measures last week. An important week of data in the UK includes the MPC meeting minutes which will show how MPC members voted with regards to an interest rate change and further quantitative easing. Expectations are that it was a close vote with regard to increasing quantitative easing from £325bn – any increase is usually negative for sterling. Other releases include inflation data, retail sales data and the change in the number of people claiming unemployment benefits. Call in now for the latest news and a live quote.

The euro had a mixed day on Friday with investors nervous about what effect Sunday’s Greek elections could have on the make-up of the single currency going forwards. The euro strengthened on Sunday evening after exit polls from the Greek election showed that a pro-bailout coalition could form a parliamentary majority therefore suggesting that Greece would remain in the euro at present. However, at present the complete picture is still unknown and the underlining problems in Greece still remain. The most influential figures on the agenda this week are expected to be the German economic sentiment and business climate figures; whilst services and manufacturing Purchasing Managers’ Index (PMI) across Europe could also have an impact. The markets will keep a close eye on the developments in the aftermath of the Greek elections; as well as looking to news from Spain and Italy for influence; so, call in now for the latest news and a live quote.

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