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Posted June 26th, 2013 by Charles Purdy

Sterling makes steady gains against the euro | Smart Daily Currency Note

GBP/EUR – 1.1794

Sterling drifted through yesterday without making many waves and gaining slightly against the euro. This was despite the market starting to develop nerves as to the impact that the new Bank of England Governor Mark Carney may have when he starts on Monday. Modest gains in mortgage approvals indicate a recovering property market, matched by realised sales figures, perhaps Mr Carney is taking the reins of a horse that is finally gathering some speed. The incumbent Governor Mervyn King speaks this morning on economic stability, a speech which looks likely to be largely a hand over speech. We can generally expect volatility while he is speaking as traders listen for hints as to future monetary policy. Call your trader now for up to the second rates.

The euro struggled yesterday losing almost a cent to a buoyant US dollar, and half a cent to sterling, as ECB President Draghi said that the economic outlook still warrants an accommodative monetary policy stance. First thing this morning we have seen the release of consumer confidence data from Germany, but, with little data released from the rest of Europe today, the question is where the downward trend stops. If rates nudge through the 1.18 mark against sterling, we could see further gains for sterling, but that level hasn’t been broken in 2 months so the chances are limited. A meeting between the Finance Ministers of the EU member states commences today and so any significant news emanating from these meetings could cause a notable reaction in the market. Call your trader today for the latest news and live prices.

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