Weekly Currency Update GBP/EUR - - Week ending 17th September
Sep 21st 2010, 1:49 pm
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Weekly Currency Update GBP/EUR - - Week ending 17th September
As promised here’s a brief update on what’s been happening with the Euro over the last week.
Last week we continued to see mixed messages from the UK economy as the momentum to this recovery slows. The RICS housing market reported that the balance of surveyors reporting house price falls compared to house price rises fell to -32, the lowest reading since May ’09. We also saw retail sales drop unexpectedly by 0.5% in August and although the employment market remains buoyant, we saw potential cracks appear with the first rise in initial claims since the start of this year.
The Eurozone’s economic outlook has been upgraded indicating that they believe they will be recovering faster than expected which could mean trouble for the pound. The European Commission, the EU's executive, now expects growth in 2010 of 1.8% in the EU, up from an earlier estimate of 1%, and of 1.7% in the eurozone against earlier forecasts of 0.9%.
This has contributed to seeing £/€ fall from a high of 1.2279 on the 23rd August to the current level of 1.1850.
GBP/EUR movement – High’s & Low’s of last week (13th September– 17th September)
High’s: 1. 2116
Low's: 1. 1900
A movement of 1.82%
Difference on £200,000
High: EUR 242,320
Low: EUR 238,000
Difference of: EUR 4,320
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
Last week we continued to see mixed messages from the UK economy as the momentum to this recovery slows. The RICS housing market reported that the balance of surveyors reporting house price falls compared to house price rises fell to -32, the lowest reading since May ’09. We also saw retail sales drop unexpectedly by 0.5% in August and although the employment market remains buoyant, we saw potential cracks appear with the first rise in initial claims since the start of this year.
The Eurozone’s economic outlook has been upgraded indicating that they believe they will be recovering faster than expected which could mean trouble for the pound. The European Commission, the EU's executive, now expects growth in 2010 of 1.8% in the EU, up from an earlier estimate of 1%, and of 1.7% in the eurozone against earlier forecasts of 0.9%.
This has contributed to seeing £/€ fall from a high of 1.2279 on the 23rd August to the current level of 1.1850.
GBP/EUR movement – High’s & Low’s of last week (13th September– 17th September)
High’s: 1. 2116
Low's: 1. 1900
A movement of 1.82%
Difference on £200,000
High: EUR 242,320
Low: EUR 238,000
Difference of: EUR 4,320
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
