Further losses on the pound seem to have been contained so far today but there is plenty of economic data this week to either provide a ray of hope or the nail in the coffin for anyone interested in the pound.
The pound seems to be everyone’s worst enemy right now as political uncertainty over the UK’s relationship with Europe and economic uncertainty take attention.
GBPEUR – If you are selling €200,000 today you are getting close to £6000 more on your transfer than you were last week. If you are selling Euros to buy the pound you are looking at an excellent opportunity right now. Contact me directly for more information on how to trade today at this much improved price on 01494 787 478.
Just as much of the UK has been suffering under a blanket of snow, the pound is covered in a thick blanket of uncertainty. I would expect the GBPEUR rate to continue to suffer this week and would be surprised to see any marked improvement above the level of 1.20. If you are a Euro buyer holding out I recommend making contact with our team immediately to discuss all your options. GBPEUR has dropped over 4 cents this year with most of the losses last week. UK retailers are closing left right and centre, their custom being rerouted to overseas multinationals, who pay little or no tax to restock Treasury coffers. With potential triple dip recessions, possible loss of triple A credit ratings and plenty of political uncertainty over Europe it looks like the pound will continue to suffer for the early part of 2013.
Will the UK remain in the EU? How will GBP react to Cameron’s speech?
Serious questions over the UK’s relations with Europe will only fan the flames of uncertainty and sterling weakness. If you are a Euro seller it is the best time in 10 months to enter the market so you too should be carefully considering your options. Whatever your foreign exchange requirements are, our specialists can speak to you about the best course of action. Speak direct to me Jonathan on the trading floor on 01494 787 478 – I can quickly explain the latest news and how we can manage your exposure. Even if your exchange is a one off, our help could save you thousands!
Delay of the press conference by Cameron on Britain’s membership of the EU has added further uncertainty to already murky waters. Just where does Cameron stand? Political uncertainty is bad news for investment and this is adding to sterling’s current woes. Successive British Government’s have suffered at the hands of the European question. Cameron and the coalition is looking increasingly isolated and out of touch in government and I expect the pound will continue to suffer until some clear leadership and certainty is established.
What will move this pound this week?
Public Sector Net Borrowing figures due to be released tomorrow at 09.30 are unlikely to bring much good news for the pound and Wednesday we have Unemployment data plus the Bank of England Minutes for which I would not expect to see any change in sentiment on, but which are unlikely to do the pound any favours. If you are considering an exchange involving sterling it is in your interest making contact today to be kept up to speed by our currency experts.
DATAWATCH – UK GDP Q4 Estimate 1– Friday at 09.30 am is a key release for the pound that may affect short term movements on sterling against other pairs. So far estimates for Q4 2012 are at -0.3 growth according to the NIESR and looking at poor data from Retail, Manufacturing and Services for December I would expect the official data Friday will not be good news for the UK and the pound. To avoid further losses and maximise your gains feel free to speak to a specialist about your options.
We are currency specialists assisting private and corporate clients get the most for their money when moving money abroad. To find out how it works, check your current rates or for any information relating to the pound and possible future movements please feel free to contact me directly on 01494 787 478
I look forward to hearing from you!