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Weekly Currency Update - GBP/EUR Week ending 25th December

Weekly Currency Update - GBP/EUR Week ending 25th December

Old Dec 21st 2009, 8:43 am
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Default Weekly Currency Update - GBP/EUR Week ending 25th December

Hi All,

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


Compared to the end of last year, there is a degree of Schadenfreude that it is the Euro and not Sterling that is succumbing to an end of year bashing by the FX markets.
Saying that though the Euro has been the most resilient currency to the recession out of the three (Euro, USD and GBP) in 2009.
The main reason behind concerns for the Euro is the ballooning fiscal imbalance of some of the peripheral economies within the Eurozone, namely Greece and closely followed by Spain and Portugal.
In the UK, the employment data continued to demonstrate how resilient, flexible and innovative the UK economy has been throughout this recession in holding on to jobs.
In fact the claimant count in November surprised the markets by falling for the first time in two years and the jobless rate remained at 7.9%, significantly below that of the US and the Eurozone.


GBP/EUR Movement – High’s & Low’s of last week (14/12/09 – 18/12/09)

High’s: 1.1298
Low’s: 1.1050

A movement of: 2.24%.

Difference on £200k

High: EUR225,960
Low: EUR221,000

Difference of: EUR4,960

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.

A further update will be added next week.

Regards




Mark Bodega
Director HiFX
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