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Posted July 20th, 2012 by Charles Purdy

EURO/GBP Rate & Comments for 20th July 2012

EURO/GBP 1.2798

Sterling had a strong week against the euro reaching fresh highs of €1.2830/£1 as fears surrounding the Eurozone were once again at the forefront of traders’ minds. A busy week for the UK included the IMF downgrading the UK’s growth forecast in 2012 from 0.8% to 0.2% and the Consumer Price Index (CPI) figures came in lower than expected posting a figure of 2.4%. The Bank of England’s latest meeting minutes revealed that 2 members of the Monetary Policy Committee voted against an increase in quantitative easing. Other data released included monthly retail sales figures which were much worse than expected. Public sector net borrowing figures released today will be the main news on the agenda; so, call in now for the latest news and a live quote.

The euro has had a poor week compounded by the German Chancellor’s comments where she expressed her concerns for the “European project" in general. Weak Spanish bond auctions continued to weigh on the euro with the benchmark 10 year bond yields rising back above the 7% mark yesterday. German inflation data is released today; but, the Eurogroup meetings will be the main news on the agenda as the finance ministers meet to discuss the details for the bailout of the Spanish banking sector. Call in now for the latest news and a live quote

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