The EUR has made some inroads against both GBP and the USD, although in truth GBP/EUR rates have remained extremely range bound throughout Tuesday’s trading.
UK inflation data released this morning, seemed to initially boost investor confidence in the Pound. This is somewhat surprising, as the official figure of 3% is moving further away from the government’s target of 2%.
The EUR slight dip may be linked to Bank of England (BoE) governor Mark Carney’s recent comments, regarding the central bank raising interest rates to help counter rising inflation. This move, were it to occur, would likely be welcomed by investors as it could help to strengthen Sterling’s position against the single currency.
However, it seems like another false dawn and those clients holding EUR positions saw the single currency fight back, though GBP/EUR rates had minimal fluctuation throughout the day, hitting 1.1229 at the Euro’s high.
It performed slightly better against the USD, hitting 1.2370 and gaining almost a cent at its high.
Looking ahead and clients with a EUR currency exchange to execute this week, should be keeping a close eye on tomorrows Eurozone Gross Domestic (GDP) & Industrial Production figures.
With GDP being one of the months most important data releases for any economy, expect additional volatility on EUR exchange rates should the figures come in outside of the predicted 2.7% growth.
If you have an upcoming EUR currency transfer to make, you can contact me directly on 01494 787 478. We can help guide you through this turbulent market and as a company we have over eighteen years’ experience, in helping our clients achieve the very best exchange rates on any given market.
Our award inning rates can be accessed very easily over the phone and I can keep you posted with key market developments ahead of any prospective exchange you need to make.
Feel free to email me directly on [email protected] to find out all the options available to you ahead of your currency transfer.