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Posted July 30th, 2012 by Charles Purdy

EURO/GBP Rate & Comments for 30th July 2012

EURO/GBP – 1.2772

Sterling continued to strengthen against the US dollar on Friday; but, remained weak against the euro as risk appetite returned to the market due to the renewed confidence in Europe following the President of the ECB’s comments on Thursday. Manufacturing, construction and services Purchasers Managers Index (PMI) figures are released throughout the week which will be closely monitored by investors following last week’s poor preliminary GDP data. The other main event will be the Bank of England’s decision on interest rates and quantitative easing following last month’s decision to inject an additional £50bn into the economy. Both are widely expected to be kept on hold despite calls for more monetary easing from some quarters. The statement that follows should provide some insight into the central banks opinion on the state of the UK’s economy at present. Call in now for the latest news and a live quote.

The euro faired fairly well on Friday following news that Germany, France and Italy all supported the ECB President’s attitude of doing anything to support the euro. However, the German central bank once again announced its opposition to the bond buying program that the ECB President hinted towards on Thursday. The ECB President’s comments have heightened expectations for the press conference that follows the ECB’s interest rate decision on Thursday (widely expected to be kept on hold at 0.75%) and anything short of a clear plan for decisive action will most likely see the euro struggle. Data released this week includes Spanish flash GDP; Italy’s benchmark 10 year bond auction and Euro wide manufacturing PMI. The main focus though will remain on the potential requirement for a full Spanish international government bailout, Greece’s ability to convince its creditors that it had done enough to deserve its next tranche of funding and the aforementioned ECB press conference. Call in now for the latest update and a live quote.

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