GBP/EUR April Currency Update

Old May 12th 2010, 12:43 am
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Default GBP/EUR April Currency Update

The markets were focused on 2 events, a UK General Election and the Greek debt crisis. Both were the Achilles Heel for the Euro and Sterling alike, these two events stole the thunder and kept the markets glued to fundamentals rather than price trends.

April saw nervous and volatile markets due to the Greek sovereign debt crisis seen spreading into Spain, Portugal and Italy. Despite the 110bn Euro bail-out for Greece, fears grew that the sovereign debt crisis may spread beyond Greece and stock markets tumbled as confidence collapsed and indeed the Euro fell over 5% in one week before recovering.

As for the economic data from the UK, this was mixed with the manufacturing sector recording a 15 year high, whereas the service sector disappointed expectations in April hampered by the volcanic ash and the election. Inflation rose again to 3.4%, above the level at which the Bank of England Governor must write a letter to the Chancellor to explain why. After a full on month of campaigning with twists and turns delivered by TV debates, and ‘Biggotgate’ we are still left with variable outcomes, and no leadership solution as yet.

Current Central Bank Rates:
BOE (Bank of England): 0.50%
ECB (European Central Bank): 1.00%

GBP/EUR Highs & Lows of April:
High: 1.1623
Low: 1.1231

A movement of: 3.49%

Difference this would make on £200k

High: €232460
Low: €224620
A difference of €7,840

All of the information above can be explained clearly by your personal dealer should you open a trading facility with HIFX. To discuss your requirements in more detail and for a free currency consultation please contact HiFX plc on 01753 859 159 or email [email protected]

Kind regards,

Mark Bodega
Director - HIFX

Last edited by Windsor2; May 12th 2010 at 12:46 am.
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