GBP EUR Exchange Rates
Today the focus for Sterling Euro exchange rates is on the Eurozone retail sales figures which are released at 10am while any further news from the Portuguese bailout of Banco Espirito Santo which highlighted a loss of €3.6 billion. The fact that one of the country’s largest banks is under so much pressure despite the fact that the country had been bailed out by both the EU and the IMF is worrying and shows that the economic problems in the Eurozone is far from over. Should today’s retail sales come out worse than expected the pressure will continue to mount on the European Central Bank (ECB) and will raise the possibility of a surprise move from the ECB at this Thursday’s interest rate decision. Should the ECB make another move, whether this is Quantitative Easing or further changes to interest rates it is likely to have an adverse effect on the Euro which may present those clients looking to buy EUR some excellent opportunities. With the Eurozone economy in such a delicate situation at present the next few days could prove to be very interesting for the Euro and may dictate the future trend for this currency pair.
USD Exchange Rates
Later today the big economic news comes from the States with a raft of production data due out including the ISM non-manufacturing which is predicted to show a slight increase and as a result may provide some support for the USD helping it move further down away from the 1.70 level. However, the exchange rates are still very strong for those clients looking to buy Dollars but should the US continue to post positive economic data then it is possible we will continue to see the Dollar gain in strength and as a result could see the rates of exchange move back towards the 1.65 levels over the coming weeks.
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