Next week the Sterling / Euro focus will be on UK GDP revision figures for Quarter One 2013. We saw in April a substantial amount of Sterling strength on the back of a small positive GDP figure (0.3%). I don’t believe that there wll be a revision, but it is worth noting that the strength of the UK economy is portreyed primarily through GDP.
One of the reasons the 0.3% GDP reading was important for the UK is it meant we missed recession! Since that announcement, the UK GDP for two quarters in 2010 have been revised from negative figures and painted a much ‘rosier’ picture fo what was deemed a financially gloomy period.
Sould we see no revision, you may see minor Sterling strength. Should we see an improvement on 0.3%, we could look at trading at the peak of the 4 month range around 1.1850.
However, a decrease could see the Euro regain ground on Sterling and push trading towards 1.15.
My opinion would be for Euro Sellers to exchange their currency pre Thursday as I don’t think the GDP will be negative.
Should you have a currency requirement, please feel free to contact me on 01494 787 478, or email [email protected] .
Thank you for reading, have a good weekend!
P.s, Come on the British and Irish Lions!!