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Weekly Currency Update GBP/EUR- Week ending 5th February

Weekly Currency Update GBP/EUR- Week ending 5th February

Old Feb 1st 2010, 10:41 pm
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Default Weekly Currency Update GBP/EUR- Week ending 5th February

Hi All,

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

In the UK, The highlight from last week was the Q4 GDP which frankly disappointed the market with a paltry 0.1% growth against market expectations for a more robust 0.4%. Expectations linger that this first estimate will be upgraded with the future revisions given the strong economic data releases that we have seen from the fourth quarter.
The housing sector showed further signs of resilience with mortgage approvals running at double what they were a year ago and net mortgage lending rising to £3.5 billion, its fastest pace since October 2008.

Last week the Eurozone industrial orders showed robust growth in November reflecting the improved economic landscape globally.
Unemployment rate stubbornly stuck at the politically sensitive 10% level.

This Week, on Monday 9am Purchasing Manager’s Index for manufacturing for January previous 52.0 on Wednesday 9am Purchasing Manager’s Index for services for January previous 52.3 on Wednesday 10am Retail trade for December previous -1.2% m/m and on Thursday 12.45pm ECB Interest rate announcement

GBP/EUR Movement – High’s & Low’s of last week (25/01/10 – 29/01/10)

Low’s: 1.1368

A movement of: 2.26%

Difference on £200k

High: 232,500 Euros
Low: 227,360 Euros

Difference of 5,140 Euros

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.


Mark Bodega
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