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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 weeks and we wait to see what catalyst will cause it to break out of these fairly narrow ranges.   A fairly full economic calendar in the UK this week includes public sector net borrowing figures, the inflation report hearing and current account figures. The Governor of the Bank of England is also speaking later this week. Call in now for the latest news and a live quote.

The euro had a mixed day on Friday as a growth package of €130 billion was agreed by European leaders; however, very few details have been released. The European Central Bank also announced that it was relaxing the collateral rules for a greater number of assets to help the banking sector. On a more negative note, German business climate data was worse than expected. The main news this week will revolve around the EU Economic Summit towards the end of the week which could cause a lot of volatility if any shock announcements are made. The markets will also pay close attention to the bench mark 10 year Italian bond auction this week, which will give a clear indication of investors’ confidence in the nation. Call in now for the latest news and a live quote.

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