The end of the month is often a volatile time although February has seen a tremendous amount of volatility already. With a lot of uncertainty surrounding the outlook for the Italian elections as well as the outlook for the UK economy it looks like both currencies will remain under pressure.
We expect that we could see some strong negative GBP movements in the coming weeks as the attention remains on the dire straits facing the UK. On the flipside it is highly likely that as we have already seen the euro zone crisis will come back to the forefront of investors minds and this will lead to market turmoil.
The end of this week sees the start of a new month when lots of new economic data is released. Depending on how the news comes out (as well as how the Italian elections pans out) I expect GBPEUR to fall by another cent or two.
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