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Weekly Currency Update GBP/EUR 6th – 10th July

Weekly Currency Update GBP/EUR 6th – 10th July

Old Jul 15th 2009, 3:37 am
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Default Weekly Currency Update GBP/EUR 6th – 10th July

Hi all,

Here’s an update of what’s been happening in the Currency Markets over the last week.

Sterling gradually gave up more ground against the Euro as the UK green shoots started to attract the aphids of doom (we love a mixed metaphor).

Firstly, the May manufacturing production and industrial output figures failed to live up to their billing by reporting monthly declines and then the Halifax house price survey for June fell 0.5%, posing questions for the up-beat Nationwide survey.

The Bank of England’s decision not to extend their quantitative easing programme by a further £25 billion surprised the markets, and boosted Sterling briefly.

However, with traders currently demanding more than ‘more of the same’ to increase their bets in favour of the Pound, GBP/EUR slipped overall, at one point touching the key support level at 1.1525, a one month low.

A renewed bout of risk aversion also impacted Sterling as global traders lightened their ‘positions’ in profitable trades over the past few months.

EUR Movement – High’s & Low’s of last week (06/07/09 – 10/07/09)
High’s: 1.1714
Low's: 1.1532
A movement of 1.58%

Difference on £200,000
High: 234,280 EUR
Low: 230,640 EUR
Difference of: 3,640 EUR

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.

Regards

Mark Bodega
Director - HiFX
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