Weekly Currency Update GBP/EUR - Week ending 22nd January
Jan 19th 2010, 1:57 am
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Weekly Currency Update GBP/EUR - Week ending 22nd January
Hi All,
As promised here’s a brief update on what’s been happening with the euro over the last week.
Jean Claude Trichet did his best to assist the Euro last week and he attempted a different messaging approach. Rather than suggesting that the Euro was overvalued he has begun to tow the line from the US Treasury of a strong dollar policy.
More interesting though were the rumours towards the end of the week surrounding German's Chancellor Angela Merkel. While she stated that the Euro was facing a very difficult situation in the next few years it was the rumour over her possible resignation which influenced the markets psychology.
Last week also saw the ECB in an expected move leave rates on hold. This week’s focus will include the continued budgetary woes faced by Greece while of the data calendar front we have confidence indexes from the purchasing managers within the service and manufacturing sectors.
GBP/EUR movement – High’s & Low’s of last week (11-01-10 to 15-01-10)
High’s: 1.1351
Low's: 1.1076
A movement of 2.48%
Difference on £200,000
High: €227,020
Low: €221,520
Difference of: €5,500
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
As promised here’s a brief update on what’s been happening with the euro over the last week.
Jean Claude Trichet did his best to assist the Euro last week and he attempted a different messaging approach. Rather than suggesting that the Euro was overvalued he has begun to tow the line from the US Treasury of a strong dollar policy.
More interesting though were the rumours towards the end of the week surrounding German's Chancellor Angela Merkel. While she stated that the Euro was facing a very difficult situation in the next few years it was the rumour over her possible resignation which influenced the markets psychology.
Last week also saw the ECB in an expected move leave rates on hold. This week’s focus will include the continued budgetary woes faced by Greece while of the data calendar front we have confidence indexes from the purchasing managers within the service and manufacturing sectors.
GBP/EUR movement – High’s & Low’s of last week (11-01-10 to 15-01-10)
High’s: 1.1351
Low's: 1.1076
A movement of 2.48%
Difference on £200,000
High: €227,020
Low: €221,520
Difference of: €5,500
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
