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GBP-EUR Best Rates – 1.40 Broken yesterday, surpassed this morning
The lack of market confidence in the Euro is defying belief. At the close of trading yesterday many were surprised to be holding in the 1.40′s, to come into the office and see 1.41 comfortably established and rising is incredible. In this case it was not simply a case of Euro weakness, but rather a bit more of a push from Sterling Strength.
Governor of the Bank of England Mark Carney yesterday announced that their would be no more financial stimulus in the British economy. Essentially, he unofficially ended Quantitative Easing in the UK economy. This is a strong statement for the strength of our economy coming directly from its manager. This sudden addition to the already mammoth gains for GBP/EUR rates may well be supplemented today with Industrial Production data coming out of the UK economy. Frankly, with recent trends – 1.42 by the end of today is hardly unlikely.
With little data out for the rest of the week, it is expected for rates to stagnate or have a small correction while markets digest these incredible movements over the last few days.
Those who have Euros to buy this week, I would wait until later today or tomorrow and watch the rates – call into our trading floor on 01494 787478 and ask for Joshua, I can ensure you are ready to move when you need to. Those looking to sell Euros, unfortunately you are not in a solid position to gamble on rates getting slightly better later this week. Email me on [email protected] to discuss how to get the best rates in a bad situation.
Source: http://www.eurorateforecast.com/2015/03/11/gbp-eur-best-rates-1-40-broken-yesterday-surpassed-this-morning/
GBP/EUR is the last pair that I will trade as they are too risky and you never know when there is the U-turn coming the way so I can’t take such risk. Although I have great support from OctaFX my broker with their rebate service where I get 15 USD over all my trading orders that is completed 1 lot and also winning and losing is not much of the case since we get it in both situations so that’s fantastic.