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Posted July 25th, 2012 by Charles Purdy

EURO/GBP Rate & Comments for 25th July 2012

EURO/GBP – 1.2818

Sterling was fairly strong yesterday despite having a poor start to the day following the release of figures showing that number of new mortgages approved was much lower than anticipated. The main data released today will be the preliminary GDP figures which are expected to show the market contracted by 0.2% extending the “double-dip” recession that we are currently experiencing. Call in now for the latest update and a live quote.

The euro was relatively weak yesterday dropping below the 1.2050 mark against the US dollar as fears surrounding Greece and Spain dominated the headlines. Services and manufacturing Purchasing Managers’ Index (PMI) figures released across Europe yesterday were much worse than expected showing that the Eurozone’s economy continues to contract. Spanish bond auctions continued to rise to 7.636% as some economists predict that Spain may need a full international government bailout within the next 3 weeks as Catalonia’s regional government looks set to follow Valencia in applying for aid from the Spanish government. More worries came as the Greek Prime Minister suggested that the countries recession is even deeper than first thought and now expects a contraction of 7% this year which is significantly worse than the 5% contraction the Bank of Greece had predicted. Greece must now convince its creditors that it has done enough to deserve its next tranche of fund of €31.5b; furthermore, EU officials warned that Greece may need yet another bailout. German business climate sentiment figures are announced today; but, the markets will be fixated on any developments in Greece or Spain. Call in now for the latest news and a live quote.

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