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Euro weakness

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Thursday, 11 June 2009

Last week saw the Pound gain ground against the Euro overall but it was a choppy ride. The GBP/EUR cross has proved to be a volatile one over the last couple of weeks, making it difficult to get a view on exactly when, or if, the current Euro weakness will continue.
At approximately 7am on Friday June 5th the Euro was at its weakest for two weeks, with one Euro worth 0.8870 pence at Interbank levels. At this time a rumour began to circulate that Prime Minister Gordon Brown was about to resign, you can see below this caused the pound to weaken in quite a dramatic way. Further to Mr Browns afternoon speech the Pound started to recover and in Monday’s trading has broken through the 1.15 barrier for brief moments.

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2009-07-03
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