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Posted September 26th, 2012 by Charles Purdy

GBP/EUR Rate & Comments for 26th September 2012

GBP/EUR – 1.2559

Sterling had a positive start to Tuesday, but, struggled in the afternoon as risk appetite drove the market and the global focus remained on Europe. This was in spite of data revealing the number of new mortgage approvals increasing by more than anticipated.. Out today, an index from the Confederation of British Industry (CBI) is expected to show that the volume of sales has increased from last month, whilst the Bank of England will also release a survey on the relative credit conditions in the UK. Please call in now for the latest news and rates.

The euro had a mixed day following continued speculation that Spain may soon apply for a full sovereign bailout. Later this week Spain will reveal its draft budget plans and the markets will keep a close eye on this release to see how convincing it is in its promise to cut the growing deficit. The euro was buoyed yesterday following one of the members of the ECB all but ruling out an interest rate cut at the central banks next meeting. The German benchmark 10-year bond auction today will be closely watched as it is a clear indicated of investors’ confidence globally and more specifically within the Eurozone. Call in now for the latest update and rates.

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