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Posted December 18th, 2012 by Charles Purdy

Smart Daily Currency Note | Inflation data released today, how will it affect sterling?

GBP/EUR – 1.2303

In a day that was quiet on data from the UK, sterling climbed gently against most of its major pairs reaching a two month high of 1.62 against the US dollar. Against the euro it stayed very close to 1.23 for most of the day. Today, however, is likely to see a great deal more volatility. Significant inflation data is released this morning; last month saw targets overshot by almost half a percent, and sterling reacted favourably, bucking an otherwise downward trend. With instability reigning elsewhere, positive sentiment may paint sterling as a safe haven. Traders will also be looking forward with anticipation to tomorrow’s release of the minutes from this month’s monetary policy meeting as some expect that the panel may, for the first time in well over a year, have been split on the best monetary policy. Get in touch now for the most up to date pricing.

The euro had a mixed day yesterday reaching a seven month high of 1.3185 against the US dollar as the President of the European Central Bank remained positive about the future of the Eurozone and a member of the ECB said he does not see the need to cut interest rates. Rumours also circulated that Greece had received the €4.3 billion tranche of its bailout fund booting confidence for the region.  With very little data out of Europe today the markets will look elsewhere for influence. Call in now for the latest news and rates.

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