Weekly Currency Update GBP/EUR - Week ending 5th February
Feb 9th 2010, 11:31 pm
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Weekly Currency Update GBP/EUR - Week ending 5th February
Hi All,
Last week we saw the Euro weaken across the currency markets as fears over sovereign debt in Europe firstly in Greece and thereafter Spain and Portugal rose. Against Sterling however it managed to reclaim some ground lost the previous week, only to lose it again by the end of the week. The currency pair traded in a very tight range as the market focused on buying US Dollars against both Sterling and the Euro.
Economic data stemming from the Eurozone as whole met expectations apart from disappointing retail trade. The UK saw further gains in the manufacturing sector which hit a 15 year high. Unfortunately though the service sector which accounts for the majority of UK economy fell below expectations as the big freeze slowed trade overall.
This week we have the Bank of England’s quarterly inflation report on Wednesday which may give some indication on when interest rates will be increased.
From Europe it’s a quiet week until the major release on Friday of the Q4 GDP data which for the previous quarter showed the economy grew by 0.4%, Followed by the Industrial Production data for December previous 1% m/m, -7.1% y/y
GBP/EUR Movement – High’s & Low’s of last week (01/02/10 – 05/02/10)
High’s:1.1517
Low’s: 1.1400
A movement of: 1.03%
Difference on £200k
High:230,340 Euros
Low: 228,000 Euros
Difference of:2,340 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.
Regards,
Mark Bodega
Director
HIFX
Last week we saw the Euro weaken across the currency markets as fears over sovereign debt in Europe firstly in Greece and thereafter Spain and Portugal rose. Against Sterling however it managed to reclaim some ground lost the previous week, only to lose it again by the end of the week. The currency pair traded in a very tight range as the market focused on buying US Dollars against both Sterling and the Euro.
Economic data stemming from the Eurozone as whole met expectations apart from disappointing retail trade. The UK saw further gains in the manufacturing sector which hit a 15 year high. Unfortunately though the service sector which accounts for the majority of UK economy fell below expectations as the big freeze slowed trade overall.
This week we have the Bank of England’s quarterly inflation report on Wednesday which may give some indication on when interest rates will be increased.
From Europe it’s a quiet week until the major release on Friday of the Q4 GDP data which for the previous quarter showed the economy grew by 0.4%, Followed by the Industrial Production data for December previous 1% m/m, -7.1% y/y
GBP/EUR Movement – High’s & Low’s of last week (01/02/10 – 05/02/10)
High’s:1.1517
Low’s: 1.1400
A movement of: 1.03%
Difference on £200k
High:230,340 Euros
Low: 228,000 Euros
Difference of:2,340 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.
Regards,
Mark Bodega
Director
HIFX
