Weekly Currency Update - GBP/EUR week ending 27th November
Nov 30th 2009, 1:25 pm
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Weekly Currency Update - GBP/EUR week ending 27th November
Hi All,
As promised here’s a brief update on what’s been happening with the Euro over the last week.
With the Thanksgiving holiday in the US, last week was expected to be pretty much a non-event in terms of data. Things were continuing as normal with the Euro notching New Year highs against the US dollar after the release of strong manufacturing and service sector data from the Eurozone.
However Dubai proved to be the ‘curve ball’ as Dubai World, Dubai’s flagship holding company, called for a six month debt standstill on its 60bn US dollars of outstanding debt, which sent shivers around the global economy. This news sent global equities crashing led by financial shares and Sterling, seen as a currency sensitive to financial shocks, suffered in the first instance, dipping below 1.10.
In the UK the economic data proved positive with retail sales rising at their fastest pace in two years as confidence returns to the High Street.
GBP/EUR Movement – High’s & Low’s of last week (23/11/09 – 27/11/09)
High’s: 1.1135 on the 25/11/09
Low’s: 1.0945 on the 27/11/09
A movement of:1.74%.
Difference on £200k:
High: €222,700
Low: €218,900
Difference of: €3,800
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
As promised here’s a brief update on what’s been happening with the Euro over the last week.
With the Thanksgiving holiday in the US, last week was expected to be pretty much a non-event in terms of data. Things were continuing as normal with the Euro notching New Year highs against the US dollar after the release of strong manufacturing and service sector data from the Eurozone.
However Dubai proved to be the ‘curve ball’ as Dubai World, Dubai’s flagship holding company, called for a six month debt standstill on its 60bn US dollars of outstanding debt, which sent shivers around the global economy. This news sent global equities crashing led by financial shares and Sterling, seen as a currency sensitive to financial shocks, suffered in the first instance, dipping below 1.10.
In the UK the economic data proved positive with retail sales rising at their fastest pace in two years as confidence returns to the High Street.
GBP/EUR Movement – High’s & Low’s of last week (23/11/09 – 27/11/09)
High’s: 1.1135 on the 25/11/09
Low’s: 1.0945 on the 27/11/09
A movement of:1.74%.
Difference on £200k:
High: €222,700
Low: €218,900
Difference of: €3,800
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
