Euro rates at near 1.23 against the pound and 1.31 against the dollar. What next for the Euro?
Euro exchange rates gained pace overnight breaching the 1.23 mark against the pound for the first time since the beginning of June. This to me represents a good opportunity for Euro sellers as I personally believe the market has priced in expectations for further quantitative easing in the UK and I feel GBP/EUR range will struggle to breach the 1.22 mark – I would expect to see rates back towards 1.25 by the year end. As for EUR/USD, I too feel the current prices represent an opportunity as levels have only reached 1.31 on one previous occasion in the past 5 months.
My general feeling for the Euro is that should Spain request a bailout, which I believe they will, then I feel this may well lead some further short term support for the Euro as it will bring much needed confidence to the Euro zone. Longer term I believe this market confidence is unsustainable and believe it will only be a matter of time before problems in Europe resurface and ultimately pressure will be placed back on the Euro. I would expect to see EUR/USD moving towards 1.25 and GBP/EUR reaching back towards 1.27/28 in the first quarter of 2013.
As a regular writer on this website and a number of others including www.poundsterlingforecast.com, www.australiandollarforecast.com and www.poundeuroexchange.comI simply aim to help individuals make the most of their currency purchase. By staying in close contact with your broker it enables you to take advantage of market spikes which could save you thousands on the exchange. I have worked for one of the UK’s largest independent currency brokers for over 6 years and would be happy to pass my market knowledge onto you. To discuss the service in full and to run through my opinions on the current trading conditions please contact 01494 787478 or email Mike at [email protected]
2012-10-17 22:37:40
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