EUR Loses Value During Monday Trading (Matthew Vassallo)
The EUR has lost value against GBP during Monday’s trading. GBP/EUR rates dipped dramatically earlier today, with the pair rising to 1.2506. The EUR has fought back slightly but is still over a cent down from the high.
Despite this loss the general trend has certainly been EUR positive over the past few weeks but it may be that Sterling will find support again around the current levels.
It is a far cry from 12 months ago when it was the EUR that was suffering against a wave of negativity and at the time, the future of the Eurozone and the single currency looked bleak. During that period, it was seemingly inconceivable to think that if you fast forwarded a few months, we would be witnessing almost the polar opposite.
The current levels on GBP/EUR are not reflective of its true value and whilst I don’t anticipate a major recovery for the Pound I would be wary about putting too much faith in the Eurozone and the single currency. Yes, it is clear that they have made strides since the lows of 2015 but considering the European Central Bank (ECB) only recently cut interest rates and raised their monetary policy programme, it is clear that their economy is not suddenly bulletproof. The Eurozone still has concerns over their current inflation levels and with growth forecasts still relatively weak and unemployment not decreasing with any haste, I feel we are likely to see rates retract as we head through the year, especially when you consider that Greece has had to sell its leading port to the Chinese, in order to raise funds to meet their debt repayments.
EUR sellers should be taking advantage of the huge improvement seen since the turn of the year, as I feel the markets are starting to factor in a possible “Brexit” and any indication that this won’t occur is likely to strengthen the Pound’s position significantly.
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Source: http://www.eurorateforecast.com/2016/04/11/eur-loses-value-during-monday-trading-matthew-vassallo/
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