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Posted December 13th, 2012 by Charles Purdy

Smart Currency Rates and Comments 13th December 2012 – The Euro in the ascendancy again

GBP/EUR – 1.2328

Markets seem to have forgotten about the threat of interest rate cuts in the euro zone as the euro had a good day. Sterling on the other hand had a mixed day yesterday, losing half a cent against the euro whilst reaching a 6 week high of 1.6170 against the US dollar on the back of the news that the US central bank had increased monetary easing. Sterling started the day in the ascendancy following much better than expected employment data. Figures released showed that the number of people claiming unemployment benefits actually fell by 3,000 in the last 3 months when a 5,900 increase had been anticipated. Furthermore, the overall unemployment rate stayed at 7.8% when a marginal increase had been expected. There is very little data out of the UK today bar data showing the expected order volumes from manufacturers over the next 3 months. Get in touch now for the most up to date news and rate.

The euro performed well yesterday, strengthening against the vast majority of currencies and reaching  1.31 against the US dollar in the evening after the Federal Reserve ramped up stimulus as expected. The euro was also buoyed by a relatively successful Italian bond auction, with yield on 1 year bills reaching their lowest level for 9 months. Today investors focus will be turned to EU Economic Summit as they will discuss plans for deeper economic and monetary integration. Call in now to see how this might affect the market, and to get a live price.

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