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Weekly Currency Update GBP/EUR - Week ending 22nd January

Weekly Currency Update GBP/EUR - Week ending 22nd January

Old Jan 19th 2010, 1:57 am
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Default 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
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