GBPEUR rates hit 3 1/2 month high – buying euros – selling euros (Steve Eakins)

Sterling rates have continued to stay steady close to a 3 ½ month high this week as data continues to hold up Sterling.  The Service Sector earlier today accelerated these gains as it showed it had reached the highest level in more than six years, adding to the “good feeling” for the pound.  Data recently has been pointing towards the recent surge in the value of Sterling becoming the start of a new trend rather than just a blip as many had previously wondered. The pound seems to be in a very different situation compared to 6 months ago when there were talks of a triple dip recession.

Saying all the above exchange rates do not move in a straight line so there will be opportunities for buyers and sellers and it comes down to timing your trade. Here we offer that service highlighting peaks in the market and key data that could help your situation.

Tomorrow we have the Interest Rate Decision for both the UK and Europe. The market consensus seems to be that we will see nothing of real interest from the Bank of England. The market however does expect news from Europe to strengthen the single currency making the Euro more expensive to buy. As a result people buying the Euro may want trade beforehand rather than taking the gamble until Friday morning. On Friday the UK also release Consumer Figures, Manufacturing Productivity and Trade Balance figures.  These are expected to show improvements so could in turn give us the best price to buy euros over the next 7 days.

Contact us here for up to date information on all the major currencies including live prices, current forecasts and possible strategies with an aim of helping you get the best price for your currency.

Thank you,

Steve Eakins