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Posted September 19th, 2012 by Charles Purdy

GBP/EUR Rate & Comments for 19th September 2012

GBP/EUR – 1.2447

Sterling had a mixed day yesterday strengthening against the euro whilst trading flat against the US dollar as inflation data in the UK headlined by the Consumer Price Index (CPI) came in pretty much as expected. This comforted the market as it indicated that inflation was being contained even though the money supply had and was being increased significantly through the Bank of England’s program of quantitative easing. The main release globally today will be the Bank of England’s latest meeting minutes which are expected to show that all of the members of the Monetary Policy Committee (MPC) voted to keep the asset purchase facility and interest rates on hold. Anything else would surprise the market and could result in increased volatility; so call in now for the latest news.

The euro struggled against all of its major counterparties as the markets start to speculate that Spain may soon need to apply for a full sovereign bailout. On a more positive note, German and other euro zone economic confidence figures were actually better than expected; but, this did little to help the euro’s strength. There is very little data released across Europe today; as a result, expect the euro to trade on any further developments in Spain whilst following the underlining risk sentiment created by news from the UK and the US. Call in now for the latest rates.

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