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GBPEUR rates hit 7 1/4 year high. Italian Data give buyers another opportunity
GBPEUR rates have once again reached the 7 ¼ year high seen at the end of last week. Last week’s gains were see as a result of stock markets climbing to new records across a majority of Europe. As investors ‘took profits’ and brought money out of Europe to hit their own investment targets this change in demand weakened the euro and allowed GBPEUR levels to breach 1.38 for the first time in over 7 years. (This is widely referred to as ‘profit taking’ that you may have read about before.) Levels are generally on the way up as we see Sterling’s value continue to climb, there seems to be little time for resistance levels to be established meaning levels continue to improve. This is a trend I generally expect to continue and as I mentioned earlier we saw further gains again today, this was due to poor Italian economic data weakening the euro once more.
Tomorrow and Friday I generally expect more movement, GBPEUR rates to climb further again tomorrow and then drop up again on Friday on GDP figures. As you can tell rates will not move in a straight line and timing a trade is key. Remember that in the last 30 days GBPEUR levels have climbed by over 4% but we are still seeing a weekly movement of about 2% between the best and worst times.
Here we help clients with exactly that, giving them all the information so that they can make an educated decision on when the transfer should take place. Giving you our live views and thoughts on how to get the most from your transfer.
If this is something of interest then please feel free to get in contact. My name is Steve Eakins and you can contact me on email at [email protected]
Source: http://www.poundsterlingforecast.com/2015/03/04/gbpeur-rates-hit-7-14-year-high-italian-data-give-buyers-another-opportunity/
