The EUR has made further gains against GBP during Friday’s trading as Spain’s minister of the economy claimed that the country does ‘not need a bailout at all’. This could be seen as a foolhardy message, or one of defiance depending on you talk to but if true the news could certainly bring about some stability within the eurozone and help the euro solidify its recent gains against Sterling.
This news follows yesterdays decision by the Bank of England not to cut interest rates or extend their Quantitative Easing programme, a bold move considering the fragility of the UK economy. With further reports suggesting that our economy has once again stagnated during Q3 of this year, I would be surprised if we do not see a further monetary injection before the end of the year.
The EUR has been making headway since the start of the week, with rates moving towards 1.24 and providing EUR sellers with an additional £2,500 on a 200,000 EUR/GBP, compared to the same transfer on Monday morning. This is a key indicator as to why it is so important to have a currency broker actively working with you to ensure you are maximize each and every transfer, no matter how large or small.
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