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Posted August 21st, 2012 by Charles Purdy

EURO/GBP Rate & Comments for 21st August 2012

EURO/GBP – 1.2709

The summer continues with sterling having a steady day trading in a narrow range against most currencies. There was very little data out other than the monthly statistics from Rightmove which showed that the asking price of homes for sale has dropped. Out today, the main release on the agenda will be the public sector borrowing figures which are anticipated to show borrowing has reduced dramatically from last month with a surplus figure of £2.5 billion expected. Other data released includes statistics from the Confederation of British Industry (CBI) outlining the order expectations for manufacturers for the next three months. This will give the markets a good insight in how British industry is viewing the current economic climate. Call in now for the latest rates.

The euro had a positive start to the day as rumours spread that the European Central Bank (ECB) may start to set yield limits on Government bonds that it buys. These gains were short lived as the ECB stated that this idea had not been discussed and the German Central Bank (the Bundesbank) criticised the idea suggesting it would “entail significant stability risks.” With very little data out once more today the markets will look towards any suggestion of ECB intervention in the bond markets; as well as looking forward to the Greek Prime minister’s meeting on Wednesday with the leaders of Germany, France and Luxembourg (also the Eurogroup chief). Call in now for the latest news.

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