GBP/EUR rates are currently fluctuating around the 1.24 level as the markets wait for the next move in Europe, with the focus primarily on Greece and the upcoming government elections. Confidence in the single currency is at an all-time low and if it weren’t for the on-going recession in the UK and our poor growth forecasts, I think 1.30 on GBP/EUR would have been reached
comfortably by now.
As it stands, both the UK and Europe are still suffering from economic depression and it is difficult to see how the respective currencies will move beyond their current levels whilst these problems persist.
In my mind I can see more positive signs of recovery in the UK than in Europe but with Europe being our largest trading partner, their long-term welfare is essential to our future growth prospects.
If you have any upcoming currency requirements or would like to be kept up to date with the latest market movements then please contact me directly at [email protected] or on 01494 787 478.