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Posted August 23rd, 2012 by Charles Purdy

EURO/GBP Rate & Comments for 23rd August 2012

EURO/GBP – 1.2657

Sterling had a relatively strong day yesterday despite the lack of any significant data released in the UK, strengthening against the majority of currencies and reaching a 3 month high of 1.59 against the US dollar after the Federal Open Market Committee (FOMC) meeting minutes were released. Another fairly quiet day for data in the UK today includes realised sales figures from the Confederation of British Industry (CBI) and statistics showing the number of new mortgage approvals in the previous month. Call in now for the latest rates

The euro traded fairly flat yesterday as investors waited on news of the meeting between the Greek Prime minister’s and the leaders of Germany and Luxembourg (also the Eurogroup chief). The Greek Prime minister planned to try and renegotiate the strict austerity measures that are currently in place; however, The Eurogroup chief said that Greece was now on its “last chance” and that it is still expected to implement all necessary reforms. Furthermore, there would be no discussion of any extensions or amendments to the bailout package until after the Troika report mid-September. Europe wide manufacturing and services Purchasing Managers’ Index (PMI) will be the main news on the economic agenda today 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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