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Posted May 21st, 2013 by Charles Purdy

House prices support sterling | Smart Daily Currency Note

GBP/EUR – 1.1822

Sterling gained ground yesterday morning against most of it’s major peers including the euro and US dollar after an industry report showed home asking prices to have risen for a fifth consecutive month. The data from Smart Currency partners Rightmove Plc  described house prices rising by 2.1%, pushing values to record highs and bringing sterling up from it’s lowest level in six weeks against the US currency. A slew of economic data is scheduled for release this week that should prove influential for the UK and sterling’s performance including the publication of key inflation data released today in the form of producer and consumer price indices. Later on this week, traders will pay close attention to the Bank of England latest policy meeting minutes, retail sales figures and revised growth data. Talk to your trader for the latest prices as things unfold.

It was a quiet start to the week for the euro, holding steady against the majority of its trading partners in the absence of much data being released due to the bank holidays being enjoyed in Germany, France and Holland. The euro remains weak as periphery countries are struggling to return to growth, and officials are struggling to meet on common ground with policy as recessionary stress continues. Prices are likely to be volatile as the European Central Bank comes under pressure to expand on it’s easing cycle. German Producer Price Index inflation data is released this morning, though most will be looking to French and German manufacturing and services data emerging on Thursday to give an indication of economic health and may well have more of an impact on euro rates. Speak to your dedicated trader for feedback and up to the minute market prices.

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