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Posted July 4th, 2012 by Charles Purdy

EURO/GBP Rate & Comments for 4th July 2012

EURO/GBP – 1.2442

Sterling was fairly range bound yesterday against the euro and US dollar; but, was weak against the commodity backer currencies as construction Purchasing Managers’ Indices (PMI) released was much worse than expected. The data showed that the industry contracted in June when a slight expansion had been anticipated making it increasingly likely that the Bank of England will increase quantitative easing by £50 billion on Thursday. Other data released showed that the change in the total value of money leant to individuals had increased by more than expected. Services PMI is the main news on the agenda which is expected to show that the industry expanded last month; but, the markets will be tentative following yesterday’s shock contraction in the construction industry. Other data released includes the change in the price of homes financed by HBOS. Call in now for the latest news and a live quote.

The euro had a mixed day yesterday as monthly inflation data released was much lower than expected posting a -0.5% change in the price of finished goods and services sold by producers. Greece plans to start to renegotiate the terms of its bailout package today; but, it is not clear how successful it will be, if at all. The main data released today will be the services PMI figures as well as the monthly change in the total value of sales at the retail level; so, call in now for the latest news and a live quote.

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