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Posted June 27th, 2013 by Charles Purdy

The US dollar continues to strengthen | Smart Daily Currency Note

GBP/EUR – 1.1757

Sterling had a poor day yesterday, losing considerable ground to the US dollar, and only just holding its own against a weak euro. The drop came as one of the members of the monetary policy committee called for a looser monetary policy to stimulate the economy. Current account figures (the difference in value between imports and exports) are released today and may well lead to another eventful day’s trading for sterling. The other key release will be the final reading of the UK’s GDP from last quarter, currently expected to confirm that we saw mild growth of 0.3%, any significant variation away from this figure and we could see a big market reaction.  Call in now for the latest news and up to the second rates for sterling.

The euro continued to struggle yesterday, falling to three week lows against the US dollar and breaking through the 1.30 level, as two further members of the European Central Bank (ECB) reiterated President Draghi’s comments that monetary policy would remain accommodative for as long as necessary. Today is quiet for major releases as the EU economic summit commences with the European banking union back on the agenda. Call your trader now for the latest update from the market.

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