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Posted September 20th, 2012 by Charles Purdy

GBP/EUR Rate & Comments for 20th September 2012

GBP/EUR – 1.2453

Sterling had a poor day yesterday following the release of the Bank of England’s latest meeting minutes which highlighted the fact that whilst no further quantitative easing was introduced in September’s meeting, there is the potential for additional stimulus if the economy continues to struggle. As expected though, the Bank of England’s latest meeting minutes revealed that all of the members of the Monetary Policy Committee (MPC) voted to keep the asset purchase facility and interest rates on hold. The main release on the agenda today will be retail sales figures which are always a good indicator of the UK’s economic health. However, we will have to see how much the Olympics have distorted the numbers. Call in now for the latest rates.

The euro had a mixed day as news spread that Germany’s opinion differed from much of Europe on how the proposed banking union should be supervised. On a more positive note, Standard and Poor’s (one of the big three credit rating agencies) said that it had no intention of downgrading Spain to “junk” grade in the near future. On the agenda today we have the Spanish 10 year bond auction which will be closely watched by investors as the markets continue to speculate that Spain may need a full government bailout. Other data released today includes the euro-area wide manufacturing and services Purchasing Managers’ Index (PMI) figures. Call in now for the latest news.

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