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Posted August 20th, 2012 by Charles Purdy

EURO/GBP Rate & Comments for 20th August 2012

EURO/GBP – 1.2705

We continue to be in the summer doldrums with sterling having a fairly steady day on Friday with trading volumes remaining relatively low and a lack of any significant data being released. This week, the main release will be the revised GDP figures and market expectations suggest that the preliminary figures of -0.7% will be revised to -0.5%. Other data released this week will be the public sector borrowing figures and data showing the change in the asking price of homes for sale. So in theory it should be a quiet week for sterling but the one problem with low volumes is that any surprises can have a disproportionate effect on exchange rates and we have seen over the last few weeks how quickly there can be a two cent movement. Call in now for the latest rates.

The euro had a mixed day on Friday as monthly Producer Price Index (PPI) inflation data from Germany came in flat when a 0.4% increase had been anticipated. Other statistics showed that current account and trade balance figures were better than estimated; whilst, Spanish and Italian bond yields had dropped providing some respite for the euro in general. This week, Europe wide manufacturing and services Purchasing Managers’ Index (PMI) will be the main news on the economic agenda and should give further indication of the state of the economy’s of the nations across Europe. Call in now for the latest news.

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