As promised here’s a brief update on what’s been happening with the GBP over the last week.
Last week we had the latest snapshot of the UK economic recovery story with inflation receding to 3.4%; however remaining still at elevated levels, the employment sector remaining resilient with a drop of 30.9k in the claimant count and retail sales surging by 0.6% in May. However, none of this really had much impact on GBP.
The focus for this week will be the emergency budget report as we know that cuts are going to have to be made and it is the potential impact that these could have on the recovery story.
GBP/EUR movement – High’s & Low’s of last week (14th June – 18th June)
A movement of: 1.46%
Difference on £200,000
High: EUR 242,080
Low: EUR 238,600
Difference of: EUR 3,480
Whilst FX isn't the most thrilling of subjects, the sooner you begin to think about your money transfers, the more likely you are to make your money go further.