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Posted September 25th, 2012 by Charles Purdy

GBP/EUR Rate & Comments for 25th September 2012

GBP/EUR – 1.2581

Sterling strengthened to a 2 week high against the euro as concerns about the single currency and the global economy at large drove the market. Similarly, sterling weakened against the US dollar and Japanese yen as investors sought safer havens for their money. Out today, figures showing the number of new mortgages approved in the previous month will be announced. Movements in exchange rates continue to be quick and rapid given the uncertainty in the Eurozone so expect any news from Europe to play a much bigger role in sterling’s relative strength today. Please call in now for the latest news and rates.

The euro struggled yesterday as German business climate data revealed that confidence has unexpectedly fallen despite the German Federal Constitutional Court ruling in favour of the European Stability Mechanism (ESM). The contrasting French and German opinions on how the proposed banking union should be supervised is not helping matters and the German Chancellor is due to meet the President of the European Central Bank (ECB) today to discuss matters further whilst also discussing the on-going problems with Spain and Greece. With little significant data released today, the markets will look to the ECB Presidents press conference as a focal point for today’s trade patterns. Call in now for the latest update and rates.

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