The EUR strengthened during Thursday’s trading despite a mixed day of economic data for the region. A report today indicated that business activity in the eurozone has continued to contract in November, which is in line with the recession the region finds itself in. A sharp decline of activity in the service sector was offset by a small improvement in the manufacturing sector, although perhaps of most concern to eurozone leaders will have been the warning of a 0.5% drop in GDP (Gross Domestic Product) for the fourth quarter of this year.
For a region already desperately struggling to find a balance between the necessary austerity measures and the ability to provide economic growth, it is a worrying prediction indeed. However, despite these concerns the markets have been EUR positive today as the single currency has strengthened by approximately half a cent against Sterling, whilst also seeing some small gains against the USD. With the EUR potentially in line for further problems during the last months of 2012, those holding euro may wish to take advantage of this current spike before further issues within the eurozone arise and current levels potentially dissapear.
During these turbulent times it can be daunting trying to navigate volatile markets with little knowledge of what moves exchange rates and what you can hope to achieve from your transfer. Whether you are buying or selling EUR, or any other currency for that matter, it can be invaluable to have a set of eyes and ears in the markets, that can keep you updated with all the latest market movements and spikes, so that you do not miss those opportunities as and when they present themselves.
Here at FCD we have various contract types all tailored specifically towards our client’s needs, so for more information please contact me directly at firstname.lastname@example.org or call us today on 0044 1494 787 478 or visit and sign up to your free, no obligation trading account.