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Weekly Currency Update - GBP/EUR Week ending 15th January

Weekly Currency Update - GBP/EUR Week ending 15th January

Old Jan 11th 2010, 2:33 am
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Default Weekly Currency Update - GBP/EUR Week ending 15th January

Hi All,

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


Putting politics aside the UK economy had a good first week to the new decade with economic data reflecting the recovery that started to gain momentum into the year-end. The manufacturing sector rallied to a 29-month high boosted by a sharp rise in factory orders, while the heavy-weight service sector notched a 27-month high boding well for a return to growth for the UK economy in the fourth quarter after six consecutive quarters of contraction.
On top of this house prices notched another gain in December according to the Halifax and anecdotal evidence from the High Street, such as John Lewis reporting sales 15.8% higher in the 5 weeks to January 2nd compared to the previous year, demonstrated a solid end to 2009 for the economy.

Compared to the drop in retail sales in the Eurozone of 1.2% in December and comments from ECB executive board member Stark that the markets were ‘deluding themselves’ if they thought that member states would ‘put their hands in their wallets to save Greece’, it is somewhat surprising to not see Sterling benefit more against the Euro.

GBP/EUR Movement – High’s & Low’s of last week (04/01/10 – 08/01/10)

High’s: 1.1291
Low’s: 1.1078

A movement of:2.17 %

Difference on £200k

High: €225,820
Low: €221,560

Difference of: €4,260

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 further update will be added next week.

Regards



Mark Bodega
HiFX
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