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Posted October 22nd, 2012 by Charles Purdy

GBP/EUR Rates and Comments for 22nd October 2012 – A busy week ahead for the euro

GBP/EUR – 1.2276

Sterling had a mixed day on Friday dropping at one stage below 1.60 against the US dollar. Against the euro it has stayed relatively range but did reach a four month low of 1.2270 in the early hours of the morning and the euro continues to be in the ascendancy. Public Sector Net Borrowing figures were better than expected falling to £12.8 billion providing some slight relief to the Chancellor as he tries to manage the ever growing debt pile. The preliminary GDP figures released this week will be the main release on the UK economic agenda and are expected to show modest growth of 0.6% for the third quarter which would be good news and provide a well needed boost to the state of the UK’s economy after three quarters of contraction. The Governor of the Bank of England will be speaking as will another member of the Monetary Policy Committee during the course of this week and it will be interesting to see their perspective of where the UK economy is. So please call in for a price and to discuss the markets with your trader.

The euro had a quieter day on Friday as Current Account figures came in lower than expected and due to the ongoing delay surrounding Spain formally requesting a bailout. The euro has had a good run on the commitment of the European Central Bank to support it and the main reason for this to change is that the politicians will again prevaricate and avoid difficult decisions and erode business confidence. At the EU Economic Summit, the Commissioner for Economic and Monetary Affairs said that a banking union, which would supervise all banks inside the Eurozone, would be operational in some form by the start of the New Year. This week is a busy week for data and we have the release of German, French and Euro area wide Manufacturing Purchasing Managers’ Index (PMI) figures, German business confidence data and the President of the European Central Bank (ECB) is also speaking. So plenty of opportunity for exchange rates to move quickly – call in now for the latest news and changes in the euro rate.

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