Euro Pound Exchange Rate Report 18-11-09
November 18, 2009 Leave a comment
18th November 2009
On Friday morning the Euro zone officially announced it had come out of recession with a growth in GDP of 0.4% just under expectation for a growth of 0.5%. The currency markets had priced in the figures and so we saw little movement in exchange rates between Sterling and Euro. The German ZEW think-tank’s business survey showed that confidence levels in the Euro zone’s largest economy weakened in November, raising some concerns that the economy’s recovery could be more tentative in the coming months.
One of the reasons why the Euro zone has recovered quicker than the UK is because their financial sectors account for a smaller proportion of their economies. Stronger exports driven in Germany particularly by the car market has contributed hugely to the Euro zone’s recovery. Only Spain and Ireland remain in recession. These announcements have potential to affect GBP/EUR exchange rates so if you are looking to purchase any of these currencies now maybe the time to contact your account executive to discuss the options available to you.
In order to take advantage of these spikes, and protect yourself from the falls you should consider “forward buying contracts”, and “limit and stop loss orders”, all of which can help maximise your returns. Visit our main website to see live currency exchange rates.