Weekly Currency Update GBP/EUR - Week ending 15th October
Oct 21st 2010, 10:15 am
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Weekly Currency Update GBP/EUR - Week ending 15th October
Last week, after notching a new recent low of 1.1310, GBP/EUR started to retrace some of its losses. Helped by GBP/USD finally breaking through the psychological barrier of 1.60.
The economic data proved to be slightly better than expectations too, boding well for the third quarter GDP numbers with the employment sector remaining resilient with the unemployment rate dropping to 7.7% as the number of employed people in the economy continues to rise.
On top of this we saw the trade deficit shrink to £8.7bn in July and inflation remain stubbornly high at 3.1%.
In the Euro zone industrial production surged in August as Germany continues to perform well as growth forecasts are upgraded for 2010 to 3.5%.
Having fallen aggressively over the past few weeks as the Euro benefitted from being free of the potential for further quantitative easing, GBP/EUR managed to regain its footing by the end of last week, helped by the positive momentum of GBP/USD breaking through 1.60.
GBP/EUR movement – High’s & Low’s of last week (11th October– 15th October)
High’s: 1.1496
Low's: 1.1312
A movement of 1.63%
Difference on £200,000
High: 229,920
Low: 226,240
Difference of: 3,600
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.
Regards
Mark Bodega
Director – HiFX
The economic data proved to be slightly better than expectations too, boding well for the third quarter GDP numbers with the employment sector remaining resilient with the unemployment rate dropping to 7.7% as the number of employed people in the economy continues to rise.
On top of this we saw the trade deficit shrink to £8.7bn in July and inflation remain stubbornly high at 3.1%.
In the Euro zone industrial production surged in August as Germany continues to perform well as growth forecasts are upgraded for 2010 to 3.5%.
Having fallen aggressively over the past few weeks as the Euro benefitted from being free of the potential for further quantitative easing, GBP/EUR managed to regain its footing by the end of last week, helped by the positive momentum of GBP/USD breaking through 1.60.
GBP/EUR movement – High’s & Low’s of last week (11th October– 15th October)
High’s: 1.1496
Low's: 1.1312
A movement of 1.63%
Difference on £200,000
High: 229,920
Low: 226,240
Difference of: 3,600
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.
Regards
Mark Bodega
Director – HiFX
