UK GDP could give the pound a boost. (Ben Amrany)

GBP EUR Lower Despite Weaker Euro Data 

The Euro remains quite well supported despite some fears of the Eurozone crisis coming back into play via Portugal. The main driver on the Euro remains EUR/USD movements which are mainly being driven by how Federal Reserve Chairman Ben Bernanke is reacting to the extension or withdrawal of QE.

With manufacturing data out of the Eurozone today we could see some gains for the Euro should the levels be positive. With Germany a powerhouse of manufacturing within the Eurozone it will give us a good idea of the state of the Eurozone economy.

For GDP/EUR buyers or sellers I feel rates will linger between the 1.1550/1.17 levels for the rest of the month. The higher end should be if the UK GDP comes out positive tomorrow and the lower end should GDP retract slightly for the UK.

There is a lot of speculation that GDP will be positive for the UK so there may be a spike in the market to help you achieve better rates than what is currently available. If you would like information on the service that we offer please feel free to email me at [email protected]

Thank you fr reading

Ben Amrany

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