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Posted July 17th, 2012 by Charles Purdy

EURO/GBP Rate & Comments for 17th July 2012

EURO/GBP – 1.2732

Sterling had a strong day today reaching fresh 3.5 year highs of €1.2765/£1 against the euro whilst performing relatively well against the majority of other currencies despite the IMF downgrading the UK’s growth forecast in 2012 from 0.8% to 0.2%. Inflation data in the form of Consumer Price Index (CPI) figures is released today which is expected to show a figure of 2.8% matching last month’s change, whilst the Governor of the Bank of England is also speaking. Call in now for the latest news and a live quote.

The euro had a relatively poor day reaching new lows against sterling and dipping back below the 1.22 level against the US dollar before recovering in the afternoon. The euro weakened as a report suggested that the European Central Bank may be changing their mind on the seniority of debt, meaning that senior bank debt holders should now share in any losses that may occur which is the opposite to what was implied a few weeks ago. German business climate sentiment and (ZEW) economic sentiment data will be the main data released today; so, call in now for the latest news and a live quote.

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