This morning Sterling Euro exchange rates have remained high, close to the highest levels in 20 month following the news that UK unemployment fell by 35,000 to 2.65 million. These figures were positive for the UK as it was the first fall in unemployment since last spring, although considering we were previously at a 12 year high it couldn’t go much higher! So, while the headline of unemployment falling is positive for the UK the overall picture of the job market in the UK is still bleak as unemployment is still very high despite this drop.
Unemployment figures are very important for an economy as the more people in work means the more money that is going around the system, the more chance an economy has of growing. At the moment the UK’s economy is shrinking and with high unemployment the chance of turning this around and avoiding recession is currently in the balance. With Gross Domestic Product (GDP) figures due out on Wednesday 25th April anyone with an imminent currency requirement should be well aware of the announcement.
Should we hear negative news next Wednesday the UK will officially be in recession and as a result we could see Sterling exchange rates fall considerably, although positive news could provide a much needed boost for confidence in the UK economy and therefore Sterling.
So, if you have an upcoming currency transfer make sure you speak to one of our experienced currency brokers so they can discuss all the options available to you and keep you informed of any movement in the currency market. To achieve the best exchange rates it is important to speak to a currency expert and this is where Foreign Currency Direct plc can help. Call us today 0800 328 5884 or email firstname.lastname@example.org.