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Weekly Currency Update GBP/EUR - Week ending 9th April

Weekly Currency Update GBP/EUR - Week ending 9th April

Old Apr 13th 2010, 12:27 am
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Default Weekly Currency Update GBP/EUR - Week ending 9th April

Hi All,

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

The economic recovery story from the UK is gathering momentum with industrial production in February growing twice as fast as expected at 1.3% and Halifax reporting house price increases of 11% in March. The recovery story also received official credence as the OECD said that the official figures for Q1 GDP will show acceleration in the pace of the recovery and these will be unveiled on the 23rd April.

Last week, the Greek sovereign debt crisis continued to plague the financial markets as the Greek Government made it known that they are uncomfortable with the terms of the EU/IMF facility. On top of this, Greek banks reported a sharp drop in deposits as Greek citizens seek alternative sources for their savings.

GBP/EUR movement – High’s & Low’s of last week (5th April– 9th April)

High’s: 1.1485
Low's: 1.1287
A movement of 1.75%

Difference on £200,000

High: EUR 229,700
Low: EUR 225,680

Difference of: EUR 4,020

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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