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GBP/EUR December 09 Currency Update

GBP/EUR December 09 Currency Update

Old Dec 3rd 2009, 2:03 pm
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Default GBP/EUR December 09 Currency Update

Hi All,

Here is an update of what’s been happening in the Currency Markets throughout November focusing on the Euro.

The Euro has been fairly range bound against both Sterling and the US Dollar. It ended the month in a position of strength against them both though, with Sterling affected by the increase in the QE programme to £200bn and the dollar remaining weak as investors seek higher return on their funds.

The signals from the 2 economic powerhouses of Europe, Germany and France seem very positive, illustrated by further recessions busting figures from the markets. From a data point of view, the UK presented a mixed picture with the service sector activity picking up and beating the European equivalent sector, but manufacturing still showing sign of weakness. UK inflation did rise to 1.5% up from 1.1% the previous month. However cautious comments regarding the economic recovery from some of the Bank of England’s voting members did little to convince the market that interest rises are even in consideration at the moment.
JC Trichet, president of the EC again commented about, the Euro being overvalued and the damage it could do to export trade.
December does bring lighter trading on the markets with the holiday season, and often we see the trading ranges being broken dramatically.
The big question of course is which way they will go…?

Current Central Bank Rates:

European Central Bank: 1.00% (Next meeting 3rd December)
UK (Bank of England): 0.50% (Next meeting 10th December)

GBP/EUR Highs & Lows of November:

High: 1.1322
Low: 1.0924

A movement of: 3.64%

Difference this would make on £200k

High: €226,440
Low: €218,480

A difference of €7,960

Whilst FX isn't the most thrilling of subjects, the sooner you begin to think about your money transfers, the more likely you are to make your money go further.


Mark Bodega
Direcotr - HiFX
Windsor2 is offline  

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