This morning European Gross Domestic Product (GDP) figures are announced and are expected to show a fall in the single currency economies growth and there is even the risk that we will see negative growth if the figures are slightly worse than expected. Should we see weaker than expected GDP figures this morning then we may see further Euro weakness, this would be on top of the fact that we are currently at some of the highest levels on GBP EUR we have seen for a year. With recent interest rate cuts in the Eurozone and downgrading of more Euro nations by credit rating agencies the Euro is really under pressure, there is even talk that the bloc will fall into deflation which could cause mahor issues for the European Central Bank and the member nations. So, with such a crucial peice of economic data due out for release make sure you speak with one of our senior currency brokers today who will be happy to keep you informed of all the latest currency news.
USD and CAD Exchange Rates
Later today we have US mortgage figures, house price data and employment figures while we also have the Canadian interest rate decision which is expected to remain on hold at 1% but any change here could cause some major currency movements for tha CAD. So, these data sets could give us further indication into the strength (or otherwise) of the Canadian and US economy and should we see more positive figures for America then it could again raise the possibility of the Federal Reserve Bank of America tapering their bond buying scheme. This has previously been mentioned and resulted in huge swings in the exchange rates so should we move closer to a possible tapering then we may start to see the Dollar strengthen as investors get confidence that the US economy is improving, although having said that there are some that are concerned that if the FED reduce their bond buying scheme too quickly then it may cause America to falter while also damaging other economies, particularly those that have strong trade links with the US.
So, if you need to transfer funds internationally, especially if it relates to EUR, CAD or USD then make sure you speak with us today so one of our experienced currency brokers will be able to discuss your currency requirements and the different options available to you. You can call straight through to the trading floor for free on 0800 328 5884 or alternatively if you are calling from abroad you can call us on 0044 1494 725353 or email me on firstname.lastname@example.org