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Posted October 23rd, 2012 by Charles Purdy

GBP/EUR Rates and Comments for 23rd October 2012 – Is sterling heading for 1.20 against the euro?

GBP/EUR – 1.2272

Sterling dropped to a six month low of 1.2245 against the euro yesterday with increasing confidence in the Eurozone following the regional Spanish elections. Against the US dollar sterling strengthened in the morning only to weaken off in the afternoon. Data showing the number of new UK mortgage approvals in the last month will be released first thing this morning. The main focus though will be on the speech given by the Governor of the Bank of England this evening as investors look for indication of future monetary policy decisions from the Bank of England. So please call in for a price and to discuss the markets with your trader.

The euro performed strongly across the board yesterday as a better than expected result for the incumbent Prime Minister in Spanish local elections added some certainty to Spain’s presence in the Eurozone, and investors reacted accordingly. Sentiment was boosted further as the French President announced that he and the German Chancellor consider Ireland to be a special case and are seeking a deal on its bank debt, compounding the effect of this weekend’s announcement on a single bank supervisor. There is very little data out in Europe today except business climate figures from Belgium. Expect the markets to remain jittery in the lead up to Wednesday’s busy agenda which includes the ECB President’s speech and manufacturing and services Purchasing Managers’ Index (PMI) figures. Call in now for the latest news and changes in the euro rate.

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