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Posted October 30th, 2012 by Charles Purdy

GBP/EUR Rates and Comments for 30th October 2012 – Currencies are in the eye of the storm, waiting for direction

GBP/EUR – 1.2401

Sterling struggled yesterday following comments from the Bank of England’s chief economist who suggested that the UK’s fourth quarter GDP figures would be significantly lower than the previous quarter, citing the Olympics as the leading factor in the third quarter’s positive release. The UK Consumer Price Index (CPI) inflation data will be released today and is expected to reinforce the UK’s status as a semi-safe haven currency, potentially strengthening its position against the euro. Please call in for the latest rates and to discuss your requirements with your trader.

The euro struggled today as markets sought to correct risk; traders heading for safer havens of the Japanese yen and US dollar. The euro touched a three week low against the US dollar as fresh questions were posed about a Spanish bailout as the Spanish Prime Minister met his Italian counterpart, and as the German Finance Minister rejected further debt restructuring for Greece. Furthermore, Spanish retails sales data that was released showed a sharp drop which pushed the euro weaker still. The President of the European Central Bank’s is due to speak again today and his comments often cause volatility and create sharp swings in price if any comments of significance are made. Also today we have a benchmark 10-year Italian bond auction. Call in now for the latest news and changes in the euro rate.

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