GBP/EUR Rates Spike Back Through 1.27 (Matthew Vassallo)

GBP EUR Exchange Rate: Weekly Review July 16  

It’s been a productive day for Sterling, with the Pound spiking back up against the EUR. GBP/EUR rates are once again trading above 1.27, providing some of the best buying opportunities of the past 2 years.

Today’s headlines were dominated by UK Chancellor George Osborne’s Autumn Statement and he was very bullish regarding the UK economic recovery and our growth forecasts for 2015 and beyond. This seems to have brought new found confidence to investors, with the Pound spiking by over a cent at today’s high. Whilst I do expect the EUR to find support under 1.28, it is clear that the feel good factor certainly lies with the UK and on-going economic difficulties inside the Eurozone are likely to handicap EUR exchange rates in the short-term.

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