Exchange rates have been rather flat this week as anticipation builds for UK GDP figures which are released on Thursday. It is expected to show an improvement for the UK’s outlook and as a result people buying another currency with the pound may be wise to wait for this release. Be aware of the risks involved though as if a figure other than the 0.6% expected is published expect consequences in the market which could easily move 0.5% within a few minutes.
GBPEUR rates are already sitting at a 4 month low so I would think most euro sellers would be looking at moving beforehand.
Other news that have developed over the last 48 hours is an interesting story that the newly formed ESM (European Stability Mechanism,) has been threatened. A member of the Irish parliament has taken it to the European courts claiming it to be illegal, even though it is being fast tracked in court and could start as soon as today, a result could easily be 3 months away or the start of 2013. Plus quite frankly the powers that be across Europe want this to move forward so I heavily expect a “legal loop.” This is something that may have legs to move markets in quite parts of the month, i.e. when there is little data being published and traders look at other factors to drive buy/sell demand.
Topics that euro buyers and euro sellers should watch out for this week include, European Stability Fun news, Bank of England announcements, UK GDP figures, European political commentary, FED interest rate decision.
If you do need to buy foreign currency and are looking for the best exchange rates, make sure you contact us. We have been helping people move money for over 12 years and simply put we would not be in business if we could not save clients’ money. Either call me today on 01494-725353 or via email at [email protected]