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Weekly Currency Update GBP/EUR. 15th - 19th June

Weekly Currency Update GBP/EUR. 15th - 19th June

Old Jun 25th 2009, 10:56 pm
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Default Weekly Currency Update GBP/EUR. 15th - 19th June

Hi All,

As promised here’s a brief update on what’s been happening with the Euro over the last week.

It wasn’t all one way traffic for the UK and Sterling last week but the potential banana skin last week, the unemployment report, revealed that although both rates used surged to their worst since 1997, the monthly rise in claimant count, a number which catches the headlines, fell from 59k to 3k.

Conventional wisdom suggests unemployment is likely to continue to rise well after the official end of the recession, so this is probably the least trustworthy of the recent chinks of light. The official UK Retail Sales (-0.6%) disappointed market expectations for a rise in May but it was hopeful, to say the least, that May would have compared well to April’s amazing +2.6% result. Back on the survey evidence, the CBI industrial data improved slightly from -56 to -51 but export orders deteriorated.

The only European data of note was a marked improvement in the German ZEW survey from 31 to 45, but this failed to excite any Euro bulls.

Euro Movement – High’s & Low’s of last week (15/06/09 - 19/06/09)
High’s: 1.1874
Low’s: 1.1622
A movement of 2.17%

Difference on £200k
High: €237,480
Low: €232,440
Difference of: €5,040

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.

A monthly update will be added next week.


Mark Bodega
Director - HiFX
Windsor2 is offline  

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