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Posted August 30th, 2012 by Charles Purdy

EURO/GBP Rate & Comments for 30th August 2012

EURO/GBP – 1.2612

Sterling had a strong day yesterday making gains against the majority of currencies, and in particular against the Polish zloty, Hungarian forint and Swedish krona despite the lack of any significant data released in the UK. Out today, we have the release of the monthly change in the net lending to individuals and the number of new mortgage approvals will also be announced. It is more likely that news from elsewhere especially Europe will affect sterling’s exchange rate in the short term and as we are still in the summer doldrums we could find movements very rapid if any surprise announcements are made. Call in now for the latest rates.

The euro was weak against sterling and the US dollar yesterday despite reassurances from the European Central Bank (ECB) President that it will do everything in its power to ensure “price stability for all euro area citizens”. On the data front, German inflation figures were higher than expected, whilst positive news came from Italy following better than expected retail sales figures and a better than expected Italian bond auction for short term bonds. The markets will now expect today’s benchmark Italian 10 year bond auction to reinforce this positive sentiment from Italy yesterday. Other data released includes the change in the number of unemployed people during the previous month in Germany. Call in now for the latest news.

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