GBPEUR rates have provided EURO sellers an opportunity this week. Thanks to poor US data and better than expected European data the euro has strengthened nearly 2 cents within the last 2 trading sessions. I expect this to end today as the UK data starts to be published again this week. Rates are not hugely attractive for euro sellers at the moment when compared to rates seen only 6 weeks ago however the trend is very likely to return back against EURO holders. The European Central Bank (ECB) has cut interest rates, unemployment is still a big problem across the single currency, and there is no real plan in place to create unified growth across the region. Draghi, the head of the ECB has even only a few weeks ago said that levels could stay low for years.
As a result if I was holding euros I would be very interested in locking in levels currently, I think in the weeks ahead this level will be seen as one of the best on offer through January.
If you are in the reverse and looking at buying the single currency, it will depend on the time frame that you have as to when I would trade. If it was this week I would move on Thursday, within two weeks it would probably be next week on Thursday.
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