GBP/EUR rates show small net loss today ahead of UK GDP figures tomorrow morning (Joshua Privett)

Rates of exchange for Euro buyers on GBP/EUR have shown a net loss before the last data release this month which is expected to have much impact on the currency pair. Ahead of the UK’s GDP figures to be released tomorrow GBP/EUR rates did dip back into the 1.41’s briefly.

While little change occurred by the end of trading today there was still a clear negative emphasis on GBP/EUR exchange rates.

This is understandable, as the last release of UK GDP figures caused a severe fall on GBP/EUR by more than a cent in a single morning of trading. Poor manufacturing growth was the reason for the previously underwhelming figures, and traditionally November sees a lag in the retail sector with consumers pulling on the reigns on their spending, so we should see more of the same weakness on the Sterling side of GBP/EUR tomorrow morning.

The fact that GBP/EUR rates are still above 1.42 after the initial slide this morning are a gift to Euro buyers ahead of the data release tomorrow. If I had a Euro requirement I would be looking to move ahead of the release tomorrow, particularly as the rate movements today have signaled that markets expect poor GDP data to be confirmed at 10am GMT tomorrow morning.

The end of the month also tends to see ‘profit-taking’ as traders wind down their positions from this month in preparation for any changes in strategy for the next calendar month – so expect some serious movement on Friday and Monday.

You can reach me overnight on jjp@currencies.co.uk to discuss a strategy for your transfer in order to maximise your Euro return. I can also supply a competitive quote for your transfer and I have have never had an issue beating the rates of exchange offered elsewhere.

Euro sellers can do the same, and we can discuss how to make the most of any opportunities that present themselves in the coming weeks in order to revers some of your recent losses.

 

 

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