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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 increased as the minutes of the Bank of England’s last meeting were released  and they showed a 5-4 vote to keep quantitative easing unchanged in June, a big change from last month’s 8-1 vote implying that policy makers sentiment towards injecting more money into the economy has increased significantly. Monthly retail sales data released yesterday were much better than expected providing some respite for sterling; but, the state of the UK’s economy remains extremely fragile. With very little data out today, the markets will look elsewhere for influence; so, call in now for the latest news and a live quote.

The euro had a strong start to the week following the Greek elections on Sunday. A “pro-bailout” coalition government  has been formed between the New Democracy, Pasok and Democratic Left parties ending the current round of political uncertainty. Spanish benchmark 10 year bonds yields hit a euro era high of 7.285% this week stoking fears that a full Spanish government bailout may be required; but, yields dropped as the week progressed. Weak services and manufacturing data was released yesterday across Europe demonstrating that the region remains in recession. Today, German business climate figures are released; furthermore the Economic and Financial Affairs Council (ECOFIN) meet to discuss the current state of the Eurozone economy and the potential policies that could be implemented. Call in now for the latest news and a live quote.

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