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Posted September 24th, 2012 by Charles Purdy

GBP/EUR Rate & Comments for 24th September 2012

GBP/EUR – 1.2534

Sterling briefly touched a one year high of 1.63 against the US dollar on Friday, but, struggled to break through this resistance level. Last time the markets reached these levels in April we saw the market snap back aggressively with sterling weakening off by ten cents in less than two months. We will have to see if the markets react in the same way this time. Sterling faired fairly well in general on Friday as figures released showed that the level of public sector net borrowing was less than initially anticipated. This week the main release will be the current account figures and the markets will hope for a fairly positive reading following the public sector net borrowing figures released on Friday. However there is a raft of data released elsewhere which will affect sterling so call in now for the latest rates.

The euro had a mixed day on Friday as concerns that Spain may soon apply for a full sovereign bailout were accelerated as rumours spread that EU officials were already in talks about a potential rescue package. This week, the main releases will be German business confidence figures, the Italian and German benchmark 10-year bond auctions and the president of the European Central Bank (ECB) is also speaking. So plenty of news which will impact on the euro one way or the other so call in now for the latest update and rates.

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