GBPEUR rates start the month falling (Steve Eakins)

GBPEUR Rejected by 1.17 Price Level Again

GBPEUR rates have fallen again today braking limits and hitting new ticker levels under 1.16. (See info on what tickers are here) There has been a number of reasons for this downward move today including:

  • Eurozone manufacturing figures showed an improvement
  • German Manufacturing showed another improvement (any German data pushes the Euro price due to it being seen as the engine of Europe.)
  • Manufacturing in the UK falls further – adding to concerns the UK continues its road towards a recession again
  • UK banks again in a fight about potentially another £1 billion PLUS compensation claim due to miss-selling

News seems to continually paint a better picture for Europe over that for the UK. Last year there were worries that Greece would leave Europe in a referendum but not it’s the UK that could leave.  All this news adds more fuel to the risk of a recession in the UK plus adding pressure that the UK could loss the highly valued AAA credit rating.    I think most people can see good reason that rates could continue to fall in the near future. Even one of the banks suggested 1.10 being the low point this year.  This all adds pain to a lot of people with anything from property to services to buy in Europe.  What I would say is that to make the most out of your transfer, and limit the losses you are experiencing you need to be very aware of the markets movements and be ready to move quickly when an opportunity appears.  Over the next week there is a host of data released due from Europe and the UK which could surprise the market and give you the opportunity.  Here we offer a pro-active service helping you be kept aware of these SPIKES.  We offer award winning exchange rates that could easily save you money, even compared to money brokers.

For a no obligation chat about how to help and for a potential strategy on when to trade feel free to contact us today.  Either call on the normal number or email me directly at [email protected]

Thank you,

Steve Eakins

Elite Trader

[email protected]