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

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

Old Mar 9th 2010, 12:14 am
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Default Weekly Currency Update GBP/EUR - Week ending 5th March

Hi All,

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

The focus last week was on the continued uncertainty surrounding the outcome of the next general election. For months it appeared as though the Conservatives held a clear majority although in recent times the margin between the two parties has narrowed significantly. We have now reached a point where a hung parliament is a very real risk, and is weighing heavily on Sterling. The bearing of this outcome is the concern over the ability of a hung parliament to implement the correct measures to rectify the burgeoning deficit. The BoE held steady on interest rates last week, while they continued to suggest that the door was open for further quantitative easing. On the data front house prices fell by 1.5% m/m while the pace of mortgage approvals also declined. The only real positive note was the purchasing
manager’s index for the service sector which rallied to a 3 year high. This week look for the manufacturing and industrial production numbers to dominate the headlines

In the meantime, Greek sovereign debt issues continue to steal the headlines as further riots were seen on the streets. A bailout package appears close to fruition with French Prime Minister hitting the news wires on Sunday pledging their support to Greece. With a resolution to this drawn out issues appearing likely we look for the market's concern over this matter to settle. Last week’s data contained the latest retail sales measure which saw the pace of consumer spending dwindle by 0.3% m/m and the GDP reading for Q4 which saw the economy grow by just 0.1% q/q. Finally, the ECB as expected left rates on hold. This week only the latest industrial production reading is due.

GBP/EUR movement – High’s & Low’s of last week (1st March – 5th March)

High’s: 1.1153
Low's: 1.0932

A movement of 2.02%

Difference on £200,000

High: EUR 223,060
Low: EUR 218,640

Difference of: EUR 4,420

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.

Regards


Mark Bodega
Director - HiFX
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