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Posted August 29th, 2012 by Charles Purdy

EURO/GBP Rate & Comments for 29th August 2012

EURO/GBP – 1.2592

Sterling had a mixed day yesterday weakening off to €1.2570/£1 as the markets continue to bet on the European Central Bank stepping in to stabilise Euro zone government borrowing costs by capping bond yields. With very little data on the UK’s economic agenda today, the expectation would be for volatility to remain low; however, sterling is close to a key support level against the euro. Sterling could either bounce off this support level and continue the upward trend it has shown against the euro since the start of the year or if it weakens through the support level we could see sterling lose ground very quickly. Call in now for the latest rates.

The euro had a relatively strong day yesterday following a solid bond auction in Spain and traders’ expectations of central bank intervention to calm the government bond markets. Other data released included German consumer sentiment which remained unchanged from last month. Out today the main releases will be German inflation data and Italian retail sales figures. Call in now for the latest news.

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