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The Euro had a really strong week last week gaining ground against a basket of major currencies and gaining over 2.5% against Sterling at the back end of the trading week. Indeed today it is still on the charge.
With the Greek issue now seemingly swept under the carpet (for the time being) and the majority of economies within the Eurozone starting to head in the right direction this may be the start of a serious Euro fightback.
Following the Euro being used as one of the main funding currency for carry trades throughout the year it appears we are seeing a huge wind up of positions leading to major Euros strength and weakness for the ‘riskier’ currencies such as AUD, ZAR and NZD. Carry trading is where an investor borrows money in a currency with a really low interest rate and shifts funds to a currency with a much higher interest rate and it is popular in times of global economic certainty. With the Chinese issue causing a huge amount of global uncertainty we are seeing these carry trades being reversed hence the Euro gaining ground dramatically over the last few days.
In my opinion - yes. If you look at the GBP/EUR graph for the year the Pound is still over 12 cents up against the Euro so should we see the Euro remain in fashion then the Euro has a huge bit of distance still to travel if it wants to. Those looking to buy Euros with Sterling need to remember that you are still getting €12,000 more Euros per £100,000 than you would have achieved in January and it would be a huge shame to let this opportunity fall by the wayside.
If I can assist you with any Euro requirements please feel free to contact me directly at firstname.lastname@example.org.
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I decided to use this company after reading many blogs by Daniel Wright on the forecast of Sterling. He always seemed to get his predictions right and also seemed to have not only very good knowledge but a passion for the industry he is in. Daniel was not only informative but patient and gave us options on the lead up to our currency exchange.
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