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GBP/EUR Exchange Rate Forecast for October 02

GBP/EUR Exchange Rate Forecast for October 02

Since the middle of September the GBP has been rising against the EUR and on Wednesday reached a high of 1.2868.

The Euro has fallen in value after data showed that factory activity in the euro area slowed to a 14 month low in September.

The Euro Zone’s manufacturing purchasing manager index fell to 50.3 in September from 50.5 in August. New orders fell for the first time since June 2013 and lower input and output prices caused concerns about a slowdown in inflation.

The pound has also had a tough day after the UK PMI fell to 51.6 in September from 52.2 in August. It was expected to increase to 52.5 but instead reached a 17 month low.

Nonetheless, the Euro will be facing more problems as inflation is well below the target level of 0.3% As a result this trade is a good mid-term Call option.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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