Tag Archives: trend
GBP/EUR exchange rates came down from being up in the 1.23s to a 10 month low currently hovering just above the 1.20 level as I write this.
There are numerous reasons why we have seen this drop and quite frankly slightly surprising turnaround of late. Firstly the U.K Service and manufacturing sector data has been particularly poor so far this year, raising concerns of a triple dip recession in the U.K this year which you would imagine could knock the Pound considerably as the U.K continues to struggle to tread water in these murky trouble filled economic waters.
The NIESR (National Institute of Social and Economic Research) predicted that U.K GDP (Gross Domestic Product) figures were due to come out at -0.3% for the final quarter of 2012. The NIESR are generally quite near the mark and GDP is a measure of how much an economy grew or shrank during a particular period of time, so if they are indeed close again this time then we are back in negative territory and two consecutive quarters of negative growth would indeed officially put us in the triple dip recession.. I am sure the papers in the U.K would love that!
On the other side of things the Euro has been gaining strength against most major currencies. Head of the ECB (European Central Bank) Mario Draghi came out with some fairly positive comments at his last press conference and European bonds have sold well in recent auctions suggesting that confidence is pouring back in for investors in the Eurozone. Confidence can be a big market mover and somehow many people seem to have let the tremendous trouble still ahead for Europe, the issues in Spain and Greece have certainly not been resolved and I feel that sooner or later this will all come to a head and we will see the Eurozone crisis as front page news again… The only problem for those looking to buy Euros is that this still may be some time away!
If you are in the position where you need to buy or sell Pound or Euros then it is key to have an experienced and knowledgeable currency broker on your side… It can make a huge difference and when it comes to getting the best rate of exchange when you do decide to trade, it is important to have a broker with award winning exchange rates too.
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The Pound Euro rate is a major talking point for many of my clients at the moment will it or won’t it continue to increase?? Lets look at the main factors surrounding the situation:
Economic data for the U.K has been fairly positive of late, calls for further QE (Quantitative Easing) appear to be dampened now too.
All signs are pointing towards the U.K avoiding a recession next week when GDP (Gross Domestic Product) figures are released however this is not set in stone
There have been calls for the European Central Bank to cut interest rates (An interest rate cut is generally seen as negative for the currency concerned)
Spain is having troubles and is virtually front page news at the moment, this can surely only decrease confidence in the Euro and make it weaker.
All in all i don’t think rates are going to rocket higher but i do feel they will slowly climb in the near term, unless we see the U.K dip back into a recession next week or even indeed if it is really close, if you are looking to sell Euros it would be sensible to sell at least half to protect yourself from further adverse movements. I can help you in terms of getting you the very best rate of exchange when you do look to do this, I have now helped over 550 that have contacted me through this site as if it makes the difference of winning a deal from our competition I am n ot afraid to cut my margins and make your rate much better than you are aleady getting. I work for http://www.currencies.co.uk/referral.asp?F_ID=1215 please take a look at our website we are a Public Limited Company and have been trading for over 12 years now so you can be sure to use us with confidence. If you would like further information then please email me directly email@example.com