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Weekly Currency Update GBP/EUR - Week ending 23rd April

Weekly Currency Update GBP/EUR - Week ending 23rd April

Old Apr 26th 2010, 9:12 pm
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Default Weekly Currency Update GBP/EUR - Week ending 23rd April

Hi All,

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

There seems to be a push and pull going on in Sterling with politics holding the currency back but economic data pushing it higher. Last week we saw inflation surge to 3.4% helped by higher energy prices and the claimant count fall three times faster than expectations by 32.9k in March, however somewhat perversely the unemployment rate pushed higher to 8%, its highest level since November 1996. Q1 GDP disappointed with 0.2%; however weather was a consideration.

Last week saw the Greek sovereign debt crisis continue to plague the Euro as the spread between Greek and German 10-year bonds widened to a 12 year high of over 500bps, highlighting uncertainty about how Athens would resolve its debt crisis.

GBP/EUR movement – High’s & Low’s of last week (19th April– 23rd April)

High’s: 1.1618
Low's: 1.1308

A movement of: 2.74%

Difference on £200,000

High: EUR 232,360
Low: EUR 226,160

Difference of: EUR 6,200

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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