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*Breaking News* GBP/EUR spikes up by 2 cents (Joshua Privett)
GBP/EUR has had its largest movement this month with a couple of events coinciding to produce these fantastic buying opportunities for the single currency.
This morning retail sales figures for the UK grew FOUR TIMES more than expected at 2% in a single month. The figure was staggering, particularly with the holiday season still some way away.
The second event came about 30 minutes ago at 13:30 BST when Mario Draghi, the head of the European Central Bank, hinted that the current European quantitative easing program may run further than the original mark of September 2016.
His concerns about the current state of Eurozone inflation were the reasoning behind the announcement, and apparently the cut to ‘deposit rates’ were discussed by the ECB Board as well.
With interest rates in the Eurozone already at historic lows of 0.05%, they couldn’t completely cut rates – but they discussed cutting deposit (current) accounts to 0% in a bid to further increase spending to tackle their current problem of negative inflation.
This lack of confidence in the Euro is why rates have weakened a further cent into the high 1.37’s. The best time to buy Euros since those terrible lows at the start of the month at 1.33.
As this shift is based on hearsay about future action, which cannot be confirmed or implemented until at least December for their next meeting, they can be described as ‘artificial’ and unlikely to be a permanent feature on currency markets. As I write this article, rates have already corrected downwards by half a cent.
I strongly recommend that anyone with Euros to buy before the end of the year should contact me on 01494 787 478 and ask the reception for Joshua to discuss a strategy for your transfer and maximise your Euro return. Quote this article to receive commercial rates of exchange.
Even if your requirements are not until later in the year, these rates can be fixed to avoid missing out on any further corrections. We have been close to these highs before 3 times in the past two months, and rates continually get beaten back, mainly with news of delays in the UK interest rate rise. [email protected]
Source: http://www.poundsterlingforecast.com/2015/10/22/breaking-news-gbpeur-spikes-up-2-cents-joshua-privett/
