Euro Pound Currency Exchange Rate Report 19th January 2010
January 19, 2010 1 Comment
Last week witnessed a positive performance for Sterling exchange rates increasing by just over 2% against the single currency. In real money terms this would have seen an increase of over €4000 when transferring £200,000 if traded at the peak of the market. These figures show the importance of keeping in touch with a professional currency broker who can help to maximize your currency requirement with information to try and conduct your transfer at the best possible time for you.
The increase came off the back of the UK GDP estimate which showed a prediction of a 0.3% increase for the fourth quarter of 2009, a figure that if realised would take the UK officially out of recession. The official release for this is due on the 26th January and any change from this predicted figure could cause volatility in the markets for Sterling exchange rates.
The week ahead sees a host of economic data releases with the most important being the UK unemployment figures and the Bank of England minutes both released at 9:30am on Wednesday. The minutes will summarise the discussion by the MPC (Monetary Policy Committee) at this months meeting and any further talk of quantitative easing could cause Sterling weakness. This coupled with the likelihood of increased unemployment levels could see the pound suffer this week and recent gains wiped out.
With such a potentially volatile week ahead it could be wise to consider a forward contract, where with a small deposit you could lock a rate for up to two years in advance eliminating the risk of adverse market movement which could make your purchase of Euros that much more expensive. If you have yet to open a trading facility to gain access to commercial rates of exchange click here to open an account today.