European data this morning has not only matched the consensus, but beaten them! Manufacturing and Services figures were up across the single currency, including big gains in France and Germany. This has helped to push the euro up in value against a basket of currencies, as I had hoped. As a result, clients of mine that had made me aware of their needs took advantage this morning, selling euros nearly 0.5 cent better than at the close yesterday. A whopping saving for one client of over £3,000 on their volume. My view still stands that this is probably going to be the best time to sell euros within the next week.
Tomorrow the UK releases GDP figures for the 2nd quarter of 2013, and a large improvement is expected. As a result, I would imagine seeing the pound start to gain as soon as this afternoon, as traders start to price in this expectation and ride the market up. (This is day traders of currency making profit as the market moves up.) Tomorrow at the time of the release, 9:30 BST, I would expect some volatility meaning people that are open to some risk may want to wait. My view is that if I were buying Euros or selling the Pound, I would trade before the release, as the market prices in the expectation of a gain. We could see rates hit a MONTH HIGH tomorrow.
Either way, if you have an interest in the currency markets, tomorrow will be a busy one! People will make and lose money, so respect it if you are personally trading, and be comfortable with the risk that you are opening yourself up to. If you would like a more personal chat about how the next few days could impact your FX transfer, feel free to contact me at [email protected]
With access to award winning exchange rates, we are very comfortable we can save you money, even against banks in Europe and other brokers. If you are reading this website to have just an insight into the market, feel free to get in contact to make sure you are getting the best price.