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Weekly Currency Update GBP/EUR - Week ending 19th March

Weekly Currency Update GBP/EUR - Week ending 19th March

Old Mar 22nd 2010, 11:39 pm
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Default Weekly Currency Update GBP/EUR - Week ending 19th March

Hi All,

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

Concerns over the source of funding for the Greek bailout package helped to re-enforce the negative outlook for the Eurozone last week. Despite the pledges from Germany and France to come to the aid, it appears increasingly likely that they will have to look to the IMF for funding. In part this is due to the funding costs of borrowing from Eurozone members. Greece has highlighted the prohibitive cost of sourcing cash from member states, instead preferring the IMF who has a lower funding charge. Last week also saw both the trade deficit and current account deficit swell to -E8.9bn and -E16.7bn respectively, almost doubling in size.

This week look out for the purchasing manager’s index from the service and manufacturing sectors to provide the driver for the market.

GBP/EUR movement – High’s & Low’s of last week (15th March – 19th March)

High’s: 1.1217
Low's: 1.0953

A movement of 2.41%

Difference on £200,000

High: EUR 224,340
Low: EUR 219,060

Difference of: EUR 5,280

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
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