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Posted October 25th, 2012 by Charles Purdy

GBP/EUR Rates and Comments for 25th October 2012 – A positive day for sterling on Wednesday, what does Thursday hold?

GBP/EUR – 1.2363

Sterling was one of the stand out performers yesterday, making good gains across the board as markets bet on positive GDP data being released today. Furthermore, sterling was buoyed by the comments made by the Governor of the Bank of England on Tuesday night who seemed to indicate that he would hold back on another round of quantitative easing unless it was really necessary. This positive move for sterling came despite a raft of poor data being released by the Confederation of British Industry (CBI). Analysts expect good news from the GDP data released today with current estimates suggesting growth of 0.6%, however, if the figures come in below expectations expect sterling to fall sharply. The deputy Governor of the Bank of England is speaking today and markets will react swiftly to any indication he gives as to the future of monetary policy in the UK. So please call in for a price and to discuss the markets with your trader.

The euro was one of the worst performers yesterday as both French and German Flash Manufacturing PMI came out worse than expected. Other data released showed that German business confidence has fallen to the lowest level since February 2010 causing further euro weakness. Although the French PMI showed slightly less of a decline from September’s three and a half year low, it still came in worse than forecast. Eyes were on the President of the European Central Bank (ECB) speech, who revealed that the Troika had made no official proposals yet on Greece. This has impacted trader’s confidence and has caused volatility on the euro. There is very little data out of Europe today; but, global risk sentiment is taking its lead from what is happening in Europe at present; as a result, expect any unexpected news to have a knock on effect across the market. Call in now for the latest news and changes in the euro rate.

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