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GBP/EUR Rates Hit Fresh 7 Year High! (Matthew Vassallo)
GBP/EUR rates have spiked back up to a fresh 7 year high, following a dip during the early part of the trading week. It’s a busy week in terms of data for both the UK and the Eurozone but as we head into the weekend, current market conditions remain heavily weighted in favour of the Pound.
With Mario Draghi giving his latest public address yesterday, it was always likely to cause additional volatility on the pair and so it proved. The EUR did strengthen during the early part of his speech before the Pound recovered and this trend has continued into Friday’s trading, with GBP/EUR rates hitting 1.3890 at today’s high. With the ECB embarking on their 60 billion Quantitative Easing (QE) programme next week, the next few months are likely to prove decisive, in determining the upcoming trend on GBP/EUR exchange rates. If the QE programme proves fruitful then there is a strong case to be made that the EUR will finally gain some sustained market support but if the current woes continue, then a move through 1.40 is still a possibility.
GBP/AUD rates have taken a slight hit during the latter part of the trading week, with rates now floating around 1.94 on the exchange. The Reserve Bank of Australia (RBA) surprised the markets by keeping interest rates on hold at 2.25%. The expectation was for a cut to 2% but concerns over house prices has caused them to reconsider and with GDP falling below their 3% target, the AUD has found life tough going of late. A possible catalyst for the recent improvement is likely to be linked to positive Chinese data, which indicated that growth forecast were above expectation and due to Australia’s trade links to China, this has helped push GBP/AUD rates away from the recent 6 year lows.
If you have an upcoming currency requirement and would like to be kept up to date with all the latest market movements, or simply wish to compare our award winning exchange rates with your current provider, then please feel free to contact me directly on [email protected]
Source: http://www.poundsterlingforecast.com/2015/03/06/gbpeur-rates-hit-fresh-7-year-high-matthew-vassallo/
