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GBP/EUR Weekly Currency Update - Week ending 24th July

GBP/EUR Weekly Currency Update - Week ending 24th July

Old Jul 28th 2009, 12:49 am
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Default GBP/EUR Weekly Currency Update - Week ending 24th July

Hi All,

Here’s an update on what’s been happening in the currency markets over the last week.

Equity markets remained rampant as risk appetite continued for the second week, with 75% of the US companies who have reported thus far unveiling results that have exceeded market expectations.

The FTSE has now climbed for 10 consecutive days, a feat only twice accomplished within its 25 year history. This ‘Armageddon bounce’ that took us out of the deepest darkest days in February/March is reflecting positively on Sterling as it continues to hold on to its gains for this year.

Green shoots from the housing market and the High Street quickly withered in the shade of the Q2 GDP data, that recorded a far steeper drop in growth (-0.8%) than was expected and took the year on year drop to 5.7%.

Confidence in the Eurozone is expected to wane as unemployment and industrial orders are expected to continue to deteriorate.

EURO Movement – High’s & Low’s of last week (20th – 24th July)

High’s: 1.1665
Low's: 1.1505
A movement of 1.39 %

Difference on £200,000

High: €233,300
Low: €230,100

Difference of: €3,200

Whilst FX certainly 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.

Best Regards,

Mark Bodega
Director - HiFX
Windsor2 is offline  

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