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Posted August 22nd, 2012 by Charles Purdy

EURO/GBP Rate & Comments for 22nd August 2012

EURO/GBP – 1.2658

Sterling had a mixed day yesterday losing ground against the euro and gaining against the US dollar. Data released showing that the level of public sector borrowing was worse than expected due to a rise in government spending and a fall in tax receipts undermined sterling. Other data released from the Confederation of British Industry (CBI) outlined that manufacturers expect orders to drop in the next three months by more than the market had initially estimated which is clearly a worry and again undermined sterling. The reason for sterling gaining against the US dollar was increased risk appetite arising from news elsewhere. With very little data released in the UK today the markets will keep a close eye on the meetings in Greece and the Federal Open Market Committee (FOMC) meeting minutes released in the US for influence. Call in now for the latest rates.

The euro had a relatively strong day as markets continued to speculate that the European Central bank (ECB) will intervene in Government borrowing costs by capping bond yields. Furthermore, a relatively strong Spanish bond auction helped the single currency maintain its strength. The main focus today will be on the Greek Prime minister’s meeting with the leaders of Germany, France and Luxembourg (also the Eurogroup chief) where he hopes to try and renegotiate the austerity measures that are currently in place. Any news or announcements following these meetings could cause a lot of volatility; so, call in now for the latest news.

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