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Will Sterling continue to rise against the Euro? (Tom Holian)
Sterling vs Euro exchange rates have hit the third best level of the year yesterday and close to the highest level to buy Euros since 2007.
UK unemployment data was the best in 7 years and although average earnings came out lower than expected the markets reacted positively to the overall employment outlook in the UK and this saw Sterling gain vs the single currency.
With ECB president Mario Draghi due to speak this afternoon his general rhetoric recently has been in favour of Euro weakness and any mention of further QE to come in order to combat low inflation could cause Sterling to gain further vs the Euro during the afternoon.
Eurozone GDP data is due out tomorrow morning and if this comes out low this could end up seeing Sterling Euro rates getting close to the year high at the end of the week.
Also out tomorrow will be US Retail Sales and with the US Federal Reserve having stated a number of times already this year that an interest rate hike is data dependent then if the figures are good then this could result in further Dollar strength and Euro weakness.
If you have a currency transfer to make and want to save money on exchange rates compared to using your bank then contact me directly for a free quote. Tom Holian [email protected]
Source: http://www.eurorateforecast.com/2015/11/12/will-sterling-continue-to-rise-against-the-euro-tom-holian/
The trend seems to be mixed and heading towards downside, but we still can’t be certain about anything, so we will be better off performing long term trades, as that’s much more profitable especially for me given that I work with OctaFX broker where they offer us lovely swap free account option, it is so much helpful and allows me to work without having to take tension or stress that usually comes along when we go for long term trades.