Today’s Budget and UK unemployment data were expected to cause shock waves during trading session as both were eagerly anticipated. However,throughout the day we saw very little volatility for GBPEUR exchange rates. I for one thought we would see Sterling break through 1.20 against the single currency so was surprised to see little movement.
The Budget was seen as good for savers and business and the UK’s growth forecast was also increased which is why I thought we’d seen more Sterling strength following the announcement.
Tonight’s decision by the FED to continue with their tapering has helped to strengthen USDEUR rates so I would expect the Euro to weaken during tomorrow morning against the Pound.
If you have a currency requirement to make then contact me directly Tom Holian [email protected]