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Posted August 17th, 2012 by Charles Purdy

EURO/GBP Rate & Comments for 17th August 2012

This week – (Last week)
EURO/GBP 1.2705 – (EURO/GBP 1.2701)

Sterling has had a reasonable week reaching monthly highs against the euro and the US dollar. Retail sales figures released yesterday were better than expected with retail sales gaining by 0.3% in July against a prediction of only 0.1% and probably more influentially, June’s figures were revised up to 0.8% from 0.1%. Better than expected employment data was also released this week; however, the worry is these buoyant figures in both retail sales and employment are only temporary inflated by the run up to the Olympics. This also implies next month’s release (for August) should also be fairly strong; so, the big test for state of the UK economy will be when September’s figures are announced. The Bank of England’s latest meeting minutes also revealed that all the members of the Monetary Policy Committee (MPC) voted to keep the asset purchase facility and interest rates on hold which was as expected. A quiet day on the data front today means that the markets will look elsewhere for influence. Call in now for the latest rates.

The euro had a mixed week as preliminary GDP figures from France and Germany beat market expectations; however, Europe area wide preliminary GDP figures came in with an expected recession figure of -0.2%. In other news, the Greek Prime minister is due to meet the leaders of Germany, France and Luxembourg next week to try and renegotiate the austerity measures that are currently in place. First thing this morning Producer Price Index (PPI) data from Germany was released; whilst Current account and Trade balance figures will also be released early on. Call in now for the latest news.

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