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Posted September 21st, 2012 by Charles Purdy

GBP/EUR Rate & Comments for 21st September 2012

GBP/EUR – 1.2511

Sterling had a mixed week recovering from its 2 month low against the euro at the start of the week and holding its own against the US dollar during the course of the week. The Bank of England’s latest meeting minutes revealed 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. Retail sales figures marginally beat expectations this week, but, still showed a drop of 0.2% from last month. The hope is that these figures are poor due to the Olympics effect and so the markets will play close attention to next month’s release. Public sector net borrowing figures are the main release on the agenda today and are expected to show an increase of £13 billion from last month. Call in now for the latest rates.

The euro’s relief rally seems to have ended and the euro has been sold off against all major currencies this week as the markets realise that the underlining fundamentals across Europe are still extremely poor. Concerns that Spain may soon need to apply for a full sovereign bailout dominated the headlines whilst Purchasing Managers’ Index (PMI) figures showed that the economic downturn seems to have worsened. There has also been contrasting opinions on how the proposed banking union should be supervised causing more uncertainty for the region. The Eurozone is back in the global headlines and any news from Spain has the potential to cause a lot of volatility. Call in now for the latest news.

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