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Posted December 28th, 2012 by Charles Purdy

Smart Daily Currency Note | Christmas cheer fails to lift sterling

GBP/EUR – 1.2160

Christmas cheer has done little to help sterling this week, enduring a torrid time against the euro dropping to a 8 month low of 1.2160. Sterling had been fairly range bound against the US dollar until yesterday, where it peaked at 1.6200 before dropping sharply to 1.6060. Data released yesterday showed that the number of new mortgages approved had risen by less than was expected; not a good sign for the UK’s housing market. There is no significant data expected to be released from the UK today – that being said, the markets remain extremely volatile with trading volumes particularly low during the holiday season, so call in now to speak to your trader.

The euro has had a fairly positive week despite the European market closures and Germany enjoying three days of bank holiday, reaching a 8 month high of 1.2160 against sterling and a 1 week high of 1.3280 against the US dollar. First thing this morning we saw French consumer spending data released and we also have the benchmark 10-year Italian bond auctions today. Call in now for the latest rates and a live update

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