The Pound has picked up against the Euro this morning following some positive news for the UK economy and some weak employment news for Europe. The positive news in the UK came as figures this morning showed that the UK’s financial services sector continued to grow and as this is one of the largest sectors in the UK economy this has come as a much needed boost. Along with the figures a survey of UK finance chiefs suggested that the fears of a UK recession or a Eurozone break up have eased. The second positive news is that UK manufacturing grew to a 10 month high in March which coupled with the improved finance sector means the UK could avoid recession. As a result we have seen Sterling exchange rates improve as GBP EUR pushed up past the 1.20 mark and GBP/USD pushed over the 1.60 mark on the interbank price.
The negative news in Europe came as figures showed Eurozone unemployment rate rose in February to 10.8% which is the highest level since the formation of the single currency back in 1999. Spain’s unemployment figures continue to shock sitting at a concerning 23.6%. All this has weakened the Euro exchange rates.
This week is set to be a busy week with key economic data due for the UK and Europe this morning, the Australian interest rate decision and EU Gross Domestic Product figures tomorrow and the European interest rate decision on Thursday before the Easter bank holiday weekend. If you would like to know how these economic data releases could impact on your currency transfer call us today.
So, if you are looking to transfer money abroad and are looking for excellent exchange rates make sure you speak to one of our experienced currency brokers who will be happy to discuss the options available to you so you can make the most informed decision on when to transfer your currency. Call us today on 0800 328 5884 or email email@example.com.