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Posted September 17th, 2012 by Charles Purdy

GBP/EUR Rate & Comments for 17th September 2012

GBP/EUR – 1.2363

On Friday risk sentiment remained largely unchanged and sterling continued to follow its weekly trend weakening against the euro, dropping as low as 1.2325 at one stage, and strengthening against the US dollar peaking at 1.6250. This week the main release will be the Monetary Policy Committee (MPC) meeting minutes on Wednesday as investors look for clues to see if and when the central bank may look to loosen monetary policy further. Data to be released includes retails sales figures, public sector net borrowing statistics and the Bank of England inflation letter will also be published. Call in now for the latest rates.

The euro continued to perform well on Friday reaching 1.3125 against the US dollar as investors confidence has grown for the single currency following last week’s news that the German Federal Constitutional Court had ruled in favour of the €500 billion support fund. Inflation data released on Friday was slightly lower than anticipated and then the focus moved to the Economic and Financial Affairs Council (ECOFIN) and Europgroup meetings on Friday and Saturday respectively where the amount of financial aide to be given to Cyprus was one of the main topics on the agenda. This week, some of the main releases are the German economic confidence figures and the euro-area wide manufacturing and services Purchasing Managers’ Index (PMI) figures. There is also a Spanish 10 year Bond Auction and the President of the European Central Bank (ECB) is also speaking. So a busy week – call in now for the latest news.

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