Stagnant GBP/EUR ahead of ECB and Retail Sales

24 April, 2014

Matthew Boyle

It has been a relatively flat week of trading thus far for the pound with little major news of note. Yesterday saw the Euro steal a half a cent from the pound following no change to the BoE vote of further Q.E (which was expected) but a raft of overall positive PMI data helped the single currency gain, bringing rates slightly under the 4.5 week high we saw on Tuesday. Against the currently weak Dollar the pound is now riding high and we are seeing buying levels close to the best we have seen in around 5 years – so any of you with upcoming USD requirements might like to take advantage of this.

Today we may see a quick change to the current stagnation particularly in the GBP>EUR rates. Today we have ECB President Mario Draghi speaking which historically is Euro positive so we could well see the single currency make further gains. And early afternoon we have a number of US data releases including durable goods orders and jobless claims. Further poor releases will no doubt ad to the ongoing woes of the USD, however positive data could see the rates drop swiftly back from the current dizzying highs, so as fore-mentioned those with USD requirements may want to act swiftly.

As we move to the end of the week on Friday we see UK retail sales data for March released, which last month sparked the onslaught for the pound, particularly against the Euro. Investors will no doubt be keenly waiting for these figures, as another outright shock result as previously seen could give the pound the necessary boost it needs to push past the current near high we are seeing. No doubt those of you with Euro purchases will be hoping for a continuation on the Pounds current form and a further push.

Should any of you have upcoming transfers to make speak to your Currency Index broker asap for some friendly and professional guidance on how to get the most out of your currency transfer. We offer a range of ways in which you can order your currency to help you stay in control of your finances and to help you try to achieve the best rate we can.

Currency Index can help you stay well informed and well ahead of the markets.