Currency Rates

EURO/GBP - 1.131

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Sterling strengthened marginally against the euro yesterday as data showed that the UK’s trade deficit had narrowed to £6.18bn – better than the forecast figure of £7.35bn and the smallest budget deficit since June 2006. The pound jumped as the figures suggest that higher exports may lead to strong growth figures for the 1st Quarter of 2010. The pound hit a high of 1.1356/ £1 against the euro and $1.5480/ £1 against the US dollar before slipping marginally towards the end of the day. Data from the British Retail Consortium showed that retail sales grew at the fastest pace for a year last month. However, the early timing of Easter and a very poor winter may have caused a larger spike than normal. It is a relatively light day on the economic calendar today – the only data out is a consumer confidence survey by Nationwide. Despite a lack of data, bear in mind that as the election approaches, the pound is likely to be very sensitive to political data and as a result we could see a lot of volatility. Get in touch now to take advantage of relatively higher sterling prices.

In the Euro zone, following Monday’s announcement of a 30bn bailout of Greece and the associated strengthening of the single currency, the euro had a relatively quiet day. Aside from a fall of 0.1% against the pound following strong UK data, French and German consumer inflation data came in as expected showing prices rose by 0.5% in the last month. German wholesale prices did jump more than expected in March posting a rise of 1.3% against an expectation of 0.5%. However, the marginal strengthening of the euro that this caused was soon erased on the release of the UK trade balance figures. Out today, we have industrial production figures that are expected to show a 1.5% decline on last month. Get in touch now for a live price and to avoid losing out as markets move.

Call 0808 163 0102 or +44 (0) 207 898 0541 from outside the UKor fill out our quote form: http://www.smartcurrencyexchange.com/quote.aspx