£/EUR
Range of the week: 1.2398 – 1.2452
Variance of the week on £10k = €54
Rates this week have been steady and are consolidating here with little indication of the next move in GBPEUR.
For the UK, data has been incredibly light this week, with the main event being this morning’s release of the Bank of England’s minutes for November’s meeting. No big market surprises here following the quarterly inflation report last week. Vote of 8:1 for no change to QE and 9:0 to hold interest rates, virtually no impact on the value of GBP so far.
In Europe the rumble of debt crisis continues with a failure to agree on a deal to give Greece the next tranche of its financial bailout this morning, with a pledge to meet again next Monday. Greece is waiting on around £25billion in aid which was suspended in the summer over concerns it was not meeting the conditions of its bailout programme.
Again market data for this week is sparse for the Euro zone with German producer prices coming in flat yesterday morning. Friday will see GDP figures released for Germany. As the powerhouse of Europe any downward movement on the expected 0.2pc (quarter on quarter) could have an impact on the EUR.
As always do not hesitate to contact us if you have any questions or doubts regarding currency exchange
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