Over the weekend German Chancellor Angela Merkel has commented that it would be a “huge political mistake” if the Eurozone allowed Greece to leave the Euro. Merkel also went on to say Germany would do everything it could to keep the Eurozone together and that they had learnt lessons from the previous bailouts. It comes as little suprise that Germany want to keep Greece is the Euro as they have invested so much of their money into keeping the debt laden country afloat. The comments from Merkel have though given confidence to Euro exchange rates which have strengthened back against the Pound this morning. As we have seen in the past confidence is key to the movement of exchange rates and so we could see the Euro continue to gain against a number of currencies including Sterling (GBP) this week.
This week there are a number of economic data releases including Nationwide House Prices for the UK and speaches from both Ben Bernanke of the FED and Mario Draghi from the European Central Bank all today, Consumer Confidence for America is out on Tuesday and possible one of the biggest data releases comes out on Wednesday when UK Gross Domestic Product (GDP) final revisions are announced. Thursday see’s employment data for Germany, credit reports for the UK and GDP figures for the USA while the week ends with consumer price index for Europe, Canadian GDP and more US data.
With what is sure to be another busy week in the currency market make sure you stay in close contact with your currency broker here at Foreign Currency Direct plc so they can keep you informed of any movement in the market that could effect your currency transfer. Call us today on 0800 328 5884 or email email@example.com