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Posted June 11th, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 11th June 2010

EUR/GBP – 1.213

Sterling rose yesterday driven by a stock market rally and the fact that many investors felt that poor sentiment surrounding the UK’s record deficit had already been ‘priced in’ – i.e. the price takes into account the deficit. The pound rose to a high of $1.4667/£1 and hit 1.2147/ £1 against the euro as investors bought back into the pound following poor sentiment earlier in the week over a possible downgrade of the country’s AAA credit rating. The Bank of England kept interest rates on hold for the 15th month running and also kept the Asset Purchase Facility (quantitative easing) on hold at £200bn. This was widely expected, and further settled the markets and helped add to the pound’s strength. In terms of data, there was little out aside from the Bank decision and out today we have manufacturing data which is expected to show a decline. There is however still concerns over the budget on 22nd June which is holding the pound back. Get in touch now to ensure you are set up to deal with any volatility that this causes.

In the Euro zone, French industrial production fell by 0.3% and the European Central Bank kept interest rates on hold at 1.0%. The euro strengthened following the press conference, as ECB President Jean-Claude Trichet made clear that the recent purchase of Government bonds by the emergency fund would not have any bearing on the ECB’s monetary policy. The sentiment towards the region is still very poor and many analysts are forecasting 1.25/£1. Get in touch now for a live exchange rate – especially if you are holding euros or will need to move euros into sterling at some point soon.

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One Response to “”

  1. SadeRa盈君iford0412 Says:

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