Euro Pound Exchange Rate Report 25th January 2010
January 25, 2010 Leave a comment
25th January 2010
Last week saw the most volatile GBP/EUR trading for some months, with the pound benefiting throughout the week from the continuing financial crisis in Greece as well as early estimates of UK quarterly GDP figures suggesting that the UK economy has reached the end of recession. This proved a massive boost for the pound which reached a 5 month high at around 1.1550, an improvement which would mean a saving of roughly £3000 on a £100,000 transfer to Euros compared with the exchange rate a week earlier.
Sterling did lose some ground on Friday following worse than expected UK Retail Sales Data, closing the week at around 1.14, highlighting the importance of capitalising on exchange rates quickly when the chance presents itself.
Looking forward to this week more volatility can be expected with Tuesday morning’s announcement of the official UK GDP figure for last quarter likely to be extremely significant. Any deviation from the predicted 0.3% rise would almost certainly move the market dramatically one way or the other. If the figure were to show that the economy is still in recession then the all the recent Sterling gains could be completely wiped out which would obviously have a seriously detrimental effect on anybody with a substantial Euro purchase to make in the near future.
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