Weekly Currency Update GBP/EUR - Week ending 23rd July 2010
Jul 27th 2010, 9:19 am
#1
BE Enthusiast
Thread Starter
Joined: Dec 2004
Posts: 524
Weekly Currency Update GBP/EUR - Week ending 23rd July 2010
As promised here’s a brief update on what’s been happening with the GBP over the last week.
Last week the public sector borrowing data for the UK was released and exposed the highest levels of Government borrowing since records began and pushed up the level of net debt to 63.9% of GDP, which is the highest on record.
We also saw the minutes from the Bank of England monetary policy meeting when they left rates on hold that showed that they considered and discussed both modest easing and tightening and highlighted that growth was likely to be weaker than previously expected.
In the EU, Q2 GDP surged by 1.1%, far stronger than expectations, helped by a jump in construction.
Last week saw further signs that a more competitive currency is giving the economy in the euro zone a welcome boost with industrial orders jumping in May by 3.8%, up a massive 22.7% from a year ago.
Germany continues to flex its muscles as a global economic power house with retail sales jumping by 3% in May and the manufacturing and service sector surveys all pointing to heightened activity of late.
The stress tests of the European banks were released with only 7 banks failing.
GBP/EUR movement – High’s & Low’s of last week 19th July – 23rd July
High’s: 1.2024
Low's: 1.1716
A movement of: 2.60%
Difference on £200,000
High: EUR 240,480
Low: EUR 234,320
Difference of: EUR 6,160
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 the public sector borrowing data for the UK was released and exposed the highest levels of Government borrowing since records began and pushed up the level of net debt to 63.9% of GDP, which is the highest on record.
We also saw the minutes from the Bank of England monetary policy meeting when they left rates on hold that showed that they considered and discussed both modest easing and tightening and highlighted that growth was likely to be weaker than previously expected.
In the EU, Q2 GDP surged by 1.1%, far stronger than expectations, helped by a jump in construction.
Last week saw further signs that a more competitive currency is giving the economy in the euro zone a welcome boost with industrial orders jumping in May by 3.8%, up a massive 22.7% from a year ago.
Germany continues to flex its muscles as a global economic power house with retail sales jumping by 3% in May and the manufacturing and service sector surveys all pointing to heightened activity of late.
The stress tests of the European banks were released with only 7 banks failing.
GBP/EUR movement – High’s & Low’s of last week 19th July – 23rd July
High’s: 1.2024
Low's: 1.1716
A movement of: 2.60%
Difference on £200,000
High: EUR 240,480
Low: EUR 234,320
Difference of: EUR 6,160
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
