GBPEUR rates climb by 1.5 cents
GBPEUR rates started the year with a volition time. yesterday markets moved by in excess of over 1.5% due to markets being unsettled globally. We also saw a big sell off in the stock markets as China news hit the markets. GBPEUR levels started the year falling down as far as 1.34 but are now over 1.36 centrally.
Moving forward I am more concerns than optimistic for anyone with GBPEUR to trade and think these current levels may be the peak we see for the next 7 days. The reason for this is due to the fact that we have very little economic data due for the UK until next week and that this week is really European heavy. The Euro zone economy has been showing continual signs of improvements, at least against consensuses, which is why I worry. I am of the view that this week we are likely to see more European improvements being released in their economy summary and therefore euro strength to be seen making it more expensive to buy.
Thursday is the key day really with the European Central bank due to discuss and summarise their thoughts of the economy for the month at their next meeting. If I had EUROS to buy this week I probably would be looking to move before this event.
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