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Posted July 11th, 2012 by Charles Purdy

EURO/GBP Rate & Comments for 11th July 2012

EURO/GBP – 1.2606

Sterling gained some ground against the euro during the course of Tuesday and was fairly steady against other currencies. The trade deficit for May was slightly better than Aprils as exports grew by 6.6%. Not sure what the split is between price increases resulting from a stronger pound against the euro or volume increases from increased trade. Hopefully the latter rather than the former but I suspect it’s the other way round. The key influencers for sterling for the rest of the week is probably going to be news elsewhere especially out of Europe. Call in now to see how sterling is faring.

Fairly safe to say the euro hasn’t any friends at the moment as it lost ground against the board yesterday. Slightly surprising as progress was made in supplying urgently required funds for the Spanish banks in a timely and flexible manner. This helped reduce yields on both Spanish and Italian government debt. I think the major problem is the lack of detail behind the policies put forward for resolving the longer term problems and this lack of detail increases the markets worries and uncertainties. Get the latest rates by calling in now.

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