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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% as petrol prices have fallen. This level of inflation would make it easier for the Bank of England to increase the UK’s quantitative easing from its current level of €325bn. The G 20 meetings also continue today with investors hoping that some foundations are put in place before the summit in Brussels at the end of the month that will help the global economy and the Eurozone in particular. Call in now for the latest news and a live quote.

The euro struggled yesterday as the relief rally following the Greek parliamentary election was only short lived as some investors suggest that it has only delayed the inevitable Greek exit from the euro. Spanish benchmark 10 year bonds yields hit a euro era high of 7.285% stoking fears that a full Spanish government bailout may be required. German and Eurozone economic sentiment figures are released today; whilst Greece and Spain both have bond auctions which will give a clear indication of investors’ confidence in the two nations. Call in now for the latest update and a live quote.

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