Weekly Currency Update - GBP/EUR Week ending 4th September
Sep 9th 2009, 10:16 am
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Weekly Currency Update - GBP/EUR Week ending 4th September
Hi All,
Here’s an update on what’s been happening with the Euro over the last week.
The single currency gave up some of its recent gains last week after the ECB (European Central Bank) kept interest rates unchanged at a record low of 1.00%, and warned that now was not the time to withdraw support as economies emerge slowly from recession. President Jean-Claude Trichet confirmed on Thursday that the ECB would offer banks unlimited 12-month funds at a flat rate of 1.00%, offering no sign of easing up on unconventional measures. Against backdrop of encouraging data in recent weeks, the Central Bank also raised their estimates for Eurozone economic output this year and next, while inflation estimates were edged higher. In a rare empty Eurozone data calendar, attention will likely shift to German August inflation and July factory order figures followed by Belgian and Italian second quarter GDP (Gross Domestic Product) data.
Euro Movement – High’s & Low’s of last week (31/08/09 - 04/09/09)
High’s: 1.1489
Low’s: 1.1318
A movement of: 1.51%
Difference on £200k
High: €229,780
Low: €226,360
Difference of: €3,420
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
Here’s an update on what’s been happening with the Euro over the last week.
The single currency gave up some of its recent gains last week after the ECB (European Central Bank) kept interest rates unchanged at a record low of 1.00%, and warned that now was not the time to withdraw support as economies emerge slowly from recession. President Jean-Claude Trichet confirmed on Thursday that the ECB would offer banks unlimited 12-month funds at a flat rate of 1.00%, offering no sign of easing up on unconventional measures. Against backdrop of encouraging data in recent weeks, the Central Bank also raised their estimates for Eurozone economic output this year and next, while inflation estimates were edged higher. In a rare empty Eurozone data calendar, attention will likely shift to German August inflation and July factory order figures followed by Belgian and Italian second quarter GDP (Gross Domestic Product) data.
Euro Movement – High’s & Low’s of last week (31/08/09 - 04/09/09)
High’s: 1.1489
Low’s: 1.1318
A movement of: 1.51%
Difference on £200k
High: €229,780
Low: €226,360
Difference of: €3,420
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
