EUR/GBP Rate & Comments for 27th April 2010

EUR/GBP - 1.152

Sterling matched the highest level of the year against the euro yesterday as Greek debt uncertainty caused the euro to suffer. The pound hit 1.1620/ £1 in early trading yesterday (matching a 5 month high last seen in January) as the latest opinion polls showed the Conservatives winning a majority at the election in 10 days time and avoiding the dreaded hung parliament that has caused so much downward movement of sterling since the beginning of 2010. There was no data out yesterday aside from some house price data, so sterling benefited from better sentiment towards the UK. Out today, there is data on consumer spending which has the potential to cause volatility. Call in now to avoid the market moving against you as this is relative to the first 5 months of the year a great time to buy euros.

In the Euro zone, global investors grew impatient over the Greek bailout following the activation of the facility by the country last week. Some Canadian ministers added to concerns over the weekend by suggesting that 43bn would not be enough to sort the country’s finances out. As it stands, the pound is poised to benefit from the deteriorating situation in the region – especially if there is no hung parliament. Are we heading towards 1.20/ £1 sooner than expected? If so and you need to move euros into sterling, better get in touch before it is too late. Out today, there is some German economic data that is unlikely to impact on the current sentiment. Call now for a live price.

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