With the currency markets moving every two seconds, it can be vital to be aware of what is driving currencies in or out of your favour. The report below looks at what could impact EUR exchange rates over the coming days. Click here to keep up to date with live foreign exchange rates.
The Pound has been steadily losing value against the Euro since the start of the week, falling to a 4 week low of 1.15898 during yesterday’s trading session. This can be partly attributed to poor retail data which showed more UK shops closing than opening in the first half of the year, but also to further Brexit talks. Czech State Secretary for EU Affairs Tomas Prouza, has joined a host of other Central and Eastern European leaders in stating that the UK has no chance of leaving the Bloc whilst maintaining free-trade deals and tighter immigration policies.
Theresa May has since fought back at these comments, stating that the 27 EU members will sign up to a deal with the UK.
It was released yesterday that all 28 members of the EU have accepted Bosnia’s membership application to join, which will be the beginning of a long process of them entering the Bloc. This could potentially put pressure on an already tense atmosphere within EU countries such as France, Italy and Germany, where some far right political parties are gaining momentum and support from people who are against higher immigration levels.
The US Interest Rate decision this evening is likely to have an impact on the majority of exchange rates including that of the Euro. If the FED do decide to raise rates, investors are likely to move their money out of the Euro and into the USD, therefore weakening the Euro, although there is a slim 15% chance of this. If you have a pending Euro transfer it may be wise to discuss your options with your broker here at Foreign Currency Direct plc prior to this release.
On Thursday we will see the release of the European Central Bank (ECB) Economic Bulletin which will offer an in depth analysis into economic and monetary developments within the Eurozone, followed by a speech by ECB President Mario Draghi. Mr Draghi will then meet with other key European Bank decision makers in the first European Systemic Risk Board (ESRB) annual conference, which will continue on Friday. As this conference will be streamed live, any hints towards further Monetary policy changes could result in immediate Euro movements as the currency markets react.
Thank you for reading my Euro currency report, if you have any questions about Euro exchange rates I would be more than happy to discuss them – you can contact me with any queries at email@example.com.
First class foreign currency provider, great rates and outstanding customer service.
Great service very professional but with a personal touch. Everything went smoothly with no fuss. Would highly recommend.
It was really refreshing to go through a process that had absolutely no hiccups at all, the service that we were offered exceeded our expectations. We would unreservedly recommend the company to anyone seeking to exchange currency.
Very efficient service. I’ve never used a service like this before & was purchasing a house in France. It was all explained very well & I was kept informed all along the process. Putting a deposit down to pre-book the rate also saved us a fortune.