Best Time to Buy Euros since 2008!
With torrential rain and mediocre sporting talent so far blighting the English Summer there are still reasons to be cheerful in the shape of good Euro rates! The pound is also up against many of our other European currencies including the Czech Koruna, Polish Zloty and Swiss Franc. This is all due to these currencies association with the Eurozone.
The Euro is at a 3 yr and 8 month low against sterling and a 2 year low against the US Dollar. This is offering some excellent buying opportunities. The most interesting piece of data this week for the Euro me will be the ECB Monthly report Thursday which may provide further information on what to expect in the future. It is quite feasible the Euro will make some gains back against all currencies this week following the losses Friday as investors take back profits from Friday.
For the pound, looking to this week we have Industrial and Manufacturing data out Tuesday which is likely to reflect the general slowdown seen for the UK. Whilst at record levels against the Euro, last week’s QE has seen sterling drop against pretty much all other currencies. With the UK still in recession and pressure remaining on the UK economy from a Eurozone slowdown it looks like the pound will continue to struggle against the majors. Tuesday is also important because we have a preliminary estimate of Q2 GDP from the NIESR, National Institute of Social & Economic research. The official data is out 25th July from the Office of National Statistic but this early indicator could quite easily move the market.
The pound is only half a cent away from its best levels in 4 years against the Euro so to make sure you get the very best rates why not speak to us to? As specialist currency brokers we have won awards for our rates from The Sunday Times and I have never had any trouble making sure my clients always get the very best levels.
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