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Posted June 27th, 2012 by Charles Purdy

EURO/GBP Rate & Comments for 27th June 2012

EURO/GBP – 1.2506

Sterling was relatively strong against the euro being viewed as a "relative" safe haven asset; but, remained fairly range bound against the majority of other currencies as public sector borrowing figures were worse than expected. The Bank of England’s inflation report hearing suggested that all members of the Monetary Policy Committee shared the same sentiment that monetary policy should be kept loose; but, how loose it should be kept varied between individual members as was seen from the minutes of the Bank of England’s last meeting which showed a 5-4 vote to keep quantitative easing unchanged in June. We will have to wait and see if the members vote to inject more money into the economy in July. The only news of note today is mortgage approval data and the Confederation of British Industry (CBI) realised sales figures; so, call now for the latest news and a live quote.

The euro was one of the worst performing currencies yesterday weakening off against the majority of currencies as fears surrounding Spain intensified as bond yields continued to rise. Italy also sold bonds yesterday; but, similarly to Spain these auctions ended with much higher yields than previous. German Chancellor Merkel reiterated her stance that she would not be willing to accept the idea of euro bonds which also weakened the single currency further. German preliminary inflation data is the main news on the agenda today; but, the markets will pay much closer attention to the developments in Spain and any announcements in the run up to the EU Economic summit later this week. Clearly the EU Economic summit is going to be very key for the euro as markets expect it to result in a commitment to greater unity; fiscal, banking and economic.  Call in now for the latest news and a live quote.

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