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Posted October 24th, 2012 by Charles Purdy

GBP/EUR Rates and Comments for 24th October 2012 – A better day for sterling against the euro – but will it last?

GBP/EUR – 1.2304

Sterling had a mixed day yesterday, strengthening against a range of currencies due to its status as a safer haven than the “riskier” high yielding currencies; but, weakened off against the more traditional safe haven assets of the US dollar and Japanese yen. Sterling’s drop against the US dollar took it down to a six week low to of 1.5925 in the lead up to the US election and with so much continued uncertainty surrounding Europe. It is another quiet day on the data front for the UK; but, with so much data released across the rest of the world the probability for volatility remains high. So please call in for a price and to discuss the markets with your trader.

The euro struggled across the board yesterday as Monday’s positive sentiment ebbed away following the news that Moody’s (one of the big three credit rating agencies) downgraded five of Spain’s regions, including Catalonia, due to a lack of funds in the local governments. Furthermore, the Bank of Spain said that the Governments budget plans for 2012 were ambitious given that the Spanish economy had contracted by 0.4% in the last quarter and for the fifth quarter in a row. French and German manufacturing and services data released this morning are key indicators of economic health, and strong results, particularly for Germany, should boost the euro. Later, we could see more volatility as the markets wait on a speech from the European Central Bank President where traders will react to any hints to future monetary policy. Call in now for the latest news and changes in the euro rate.

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