Pounds struggles against Euro continues

Last week saw the Pound struggle against the currently strong Euro with it still close to the lowest it has been in nearly a year, whilst it made gains against a weak Dollar with GBP>USD rates now the highest they have been in the same time.

Perhaps unsurprisingly the single currency gained nearly 2 cents against the greenback taking it to the highest levels we have seen in over 2 years. It certainly seems at present the Euro is the strongest of the bunch, and with the Pound facing so much uncertainty it is difficult to see how it will recover in the short term – Euro buyers may like to take note of this and take action before we see rates worsen further.

This week we have a busy week in the way of data with major releases from the UK, Europe, and the US. Eurozone unemployment and inflation data is the major release today with the Bank of England meeting and US non-farm payroll on Thursday and Friday respectively, so be prepared for a busy and likely turbulent week. At present a combination of a very strong Euro (as it demonstrated by current EUR/USD rates) and a very weak Pound have now seen GBP>EUR rates drop to the lowest they have been since last September, and before that we have not seen rates this low since 2008/09. With lots of uncertainty still on the horizon and the rate currently sat on a pivotal level, should it break we could well begin to see a move towards parity. Whilst many of you may be holding out for a recovery, the Euro only seems to be getting stronger by the day so you may like to consider the fact that it may get worse and as such act today to avoid any costly movements. Give your Currency Index broker a call today for some friendly and professional help on how to get the most out of your transfer.

Mon

08.30     GBP       Net lending & Mortgage approvals

09.00     EUR        Unemployment rate & Inflation data

14.00     USD       Pending Home sales & Purchasing managers Index

Tue

04.30     AUD       RBA interest rate decision & Statement

09.00     EUR        GDP data

14.00     USD       ISM manufacturing & PMI data

Wed

07.00     EUR        ECB monetary policy meeting

08.30     GBP        PMI construction data

09.00     EUR        Producer Price Index data

12.15     USD        ADP employment change

Thu

10.00     EUR        Retail sales

11.00     GBP       Bank of England Interest rate decision, inflation report, MPC vote & minutes

12.30     USD       Jobless claims & factory orders

Fri

01.30     AUD       RBA monetary policy statement

12.30     USD        Non-farm payroll & unemployment data

12.30     CAD       Employment data & PMI