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

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

Old Oct 12th 2009, 10:25 pm
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Default Weekly Currency Update - GBP/EUR Week ending 9th October

Hi All,

Here’s an update on what’s been happening with the Euro over the last week.

UK’s August manufacturing and industrial production figures revealed that more companies than usual had taken the traditional summer break for maintenance leaving the monthly figures down 2% or more and the annual declines at over 11%. Despite manufacturing representing the minority component of GDP (Gross Domestic Product), this carried more weight in the midst of the sterling gloom. As expected, the Bank of England was careful not to risk a full scale run on the pound by suggesting another extension of quantitative easing was likely but they may have to confront this dilemma in coming months.

The pound again rallied briefly after the BoE (Bank of England) statement but fell again on Friday as comments from Trichet helped strengthen the Euro when he sounded a marginally more upbeat tone on EU recovery prospects. This left GBP/EUR at the 7 month low of 1.0750.

Meanwhile the ECB (European Central Bank) showed caution against a speedy recovery and left borrowing costs unchanged at 1.00%.

GBP/EUR movement – High’s & Low’s of last week (05/10/09 - 09/10/09)

High’s: 1.0941
Low’s: 1.0753

A movement of: 1.75%

Difference on £200k

High: € 218,820
Low: € 215,060

Difference of: € 3,760

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
Windsor2 is offline  

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