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Posted December 17th, 2012 by Charles Purdy

Smart Daily Currency Note | No change, euro still on top

GBP/EUR – 1.2298

Sterling continued to have a split personality on Friday, managing to advance against several of its major trading peers, while losing ground against others. The release of strong German Services PMI data helped contribute to sterling losing further ground against its European partner, falling below 1.23 again. It was better news versus the US dollar, with sterling managing to continue its weekly gain against its American counterpart. There was very little data out of the UK at the end of the week to influence the currency. Expect more influence on the markets this week as Consumer Price Index (CPI) inflation data is released; expected to remain slightly above the Bank of England’s 2% target. Thursday will also see the release of Core Retail Sales data which will give a good indication into the current level of consumer activity and economic health in the economy in this very important time before Christmas. Call in now to see how this will affect sterling and to get a live price.

The euro performed well on Friday reaching a three month high of 1.3170 against the US dollar and pushing below the 1.23 mark against sterling due to the central bank intervention in the US and the European politicians agreeing on a framework for a single supervisory bank for the 27 member community. With thin trading volumes this week we can anticipate volatile pricing as market reaction is exaggerated to any bit of news. The key data release comes on Wednesday as an influential German survey on business climate is released, a strong indicator of economic health that was positive for the first month in six in November – more good news could see the euro continue to strengthen. Traders will have a keen eye on affairs on the other side of the water as the Americans look to avoid the fiscal cliff — good news will be positive news for the euro as risk appetite returns. The euro certainly seems to have a following wind supporting it at the moment. Check in now for the latest news and pricing.

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