GBPEUR rates have hit fresh highs giving buyers the opportunity to buy euros at the cheapest levels for over 2 years. This came from inflation figures which were released yesterday, they showed an improving picture for the UK pushing up the likelihood of an interest rate hike this side of Christmas in the UK. This morning we have UK Unemployment which is also expected to show an improvement, most of this would have been priced in yesterday meaning anyone that missed levels yesterday – SHOULD MOVE TODAYS. Contact us today to see how much you could save via email at [email protected]
My personal view is that these levels available now are the highest that we will see for the next 2 weeks, and will be at the top end of the range expected over the next 6 weeks. August is a slow month across a majority of Europe as most countries on the mainland take a considerable time off, meaning the next influx of data which could move markets are really in September. Then focus will be on exactly when a interest rate hike in the UK will come. So if you are needing to buy euros within the next 6 weeks – I would be seriously tempted to move now. If you have until the end of the year, feel free to wait as there is a good chance levels will climb higher.
This is all really bad news for sellers of the single currency, many have lost thousands by indecision hoping for a return in favour. I personally cannot see this and really do think that the trend is against sellers. Meaning taking these unattractive levels now will probably be a good decision when you look back in the months ahead. Timing a trade will remain important and completing your trade when the market gives some light relief can help claw back some of your losses. All this points towards again the importance of timing your trade which is something we help our clients with all day, every day. If you are in the markets make sure to get in contact, if you have been reading these blogs for a while and have not got in contact why not – we could save you money with relevant information, spike notification and a host of other specific tools at our disposal.
Contact the Author – STEVE EAKINS via [email protected] for more information.