GBPEUR rates recover at record rates (Steve Eakins)

In yesterday’s trading session the GBPEUR rates raced up by the largest movement we have seen for months.  From a 15 months low of 1.1460 rates closed yesterday at a high of 1.1665.  A movement of nearly 2 cents was seen saving £2,600 for clients with a €200,000 purchase in under 24 hours.  Even though rates are still close to record lows that movement again shows how the markets can surprise everyone.  Here at Foreign Currency Direct PLC you will see two large differences compared to the banks and many currency brokers. Firstly you get access to award winning exchange rates saving you money when in a direct comparison. Secondly we help pro-actively rather than reactively. We won’t simply say that you need to trade straight away. As markets move over the week there will be opportunities to get better prices on your exchange. So if you have a currency need please do contact us to see if you can save some money!!  Contact us on the normal telephone number or email me directly at [email protected]

What remains this week for exchange rates?

Generally we expect to see GBPEUR rates fall today due to PMI  figures and Retail figures for Europe. These are both being released and are expected to show an improvement in the single currency and as a result strengthen the Euro.  Following that we have the Interest rate decision for both the UK and Europe on Thursday along with Manufacturing, Productivity and Order counts for the UK on Thursday morning.  This will make Thursday the busiest day this week and the day anyone willing to take a risk should be glued to the FX markets.  It is very important due to the data coming out of the UK (excluding the interest rate decision,) is the first for 2013 and importantly the first indications on growth for the UK and the potential avoidance of a triple dip recession in the United Kingdom. If you would like some professional assistance timing your trade feel free to contact us here. We can also provide a pro-active strategy for your situation if of interest.  Register for updates and information by emailing [email protected]

Thanks you,

Steve Eakins

Elite Trader

[email protected]