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Posted June 26th, 2012 by Charles Purdy

EURO/GBP Rate & Comments for 26th June 2012

EURO/GBP – 1.2448

Sterling held its own against the euro and the commodity backed currencies yesterday; whilst weakening slightly against the US dollar and Japanese yen as risk aversion drove the market. Public sector net borrowing figures and the Bank of England’s inflation report hearing will be the main news on the UK’s economic calendar today. Both have caused volatility in the past; so, call in now for the latest news and a live quote.

The euro traded in a similar fashion to sterling yesterday holding its own the commodity back currencies, but, was weak against the US dollar and the Japanese yen. Spain officially announced that it was requesting a bailout for its banking sector yesterday; however, the amount has yet to be specified which caused Spanish bond yields to push higher. Cyprus also announced that it will seek a bailout to aid its failing economy; but, again no specifics surrounding the amount have been revealed. More bad news came as the Greek finance minister resigned just 4 days into the job due to health issues; causing issues for the newly formed coalition Government as they seek to renegotiate the terms of their bailout package. German consumer climate data is the only news of note today with the markets tentative before the EU economic summit on Thursday and news from Spain and Greece shifting the markets sentiment. Call in now for the latest news and a live quote.

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