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Posted April 22nd, 2010 by Charles Purdy

EUR/GBP Rate & Comments for 22nd April 2010

EUR/GBP – 1.151

Sterling hit a 2 month high against the euro as the number of people claiming unemployment benefits dropped sharply for the second month running. Sterling hit 1.1512/ £1 against the euro as the claimant count dropped by 32,900 – the sharpest drop since June 1997. The pound rose against the US dollar on the data too hitting $1.5437/ £1 at one point. The strong data released over the last few days has prompted traders to speculate that the Bank of England would look to raise interest rates towards the end of the year. Many were wary of following the pound any further due to the political uncertainty in the run up to the election. Out today, we have public sector borrowing which is expected to increase in line with the Chancellor’s forecasts. In addition there is monthly retail sales data which is expected to show a slight decline following last month’s 2.1 % jump. Given where we have come from it is great time to buy US dollars and euros. Get in touch now for a price.

In the Euro zone, there was no data out yesterday and as a result the euro traded on sentiment against sterling. With the Euro zone seen as high risk by many following the high levels of sovereign debt in the region, the euro is suffering from poor sentiment. Out today, there is a relatively large amount of purchasing managers index data which is expected to show a marginal improvement. ECB President Trichet speaks as well. Get in touch now for a price.

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