The value of the Euro climbed as we ended last week. This was after Germany's economic minister reported that Industrial output grow by 2.6% in May. This was a jump up from the 1.3% seen in April and a figure greater than most forecasted and predicted. Germany, the largest economy in Europe, is seen as the 'engine room' of the Euro meaning that positive data from Germany has a tendency to increase the overall value of the currency. Today's Euro report looks into the upcoming economic data releases and the political uncertainty in the Eurozone; the table below shows details of the difference in exchange rates you could have achieved when selling £200,000.00 during the high and low tradings points of the past month.
|Currency Pair||% Change||Difference on £200,000|
Recently there has been a building concern over the fragile coalition in Germany which in turn has been argued as a contributing factor for recent weakness of the Euro. This was based on an argument between the Chancellor Angela Merkel and the interior minister, Horst Seehofer. It had stemmed from different views on the 'migration crises' and how to manage the million plus migrants that Angela Merkel allowed into Germany 2 years ago. They have now however found middle ground and come to a publicly agreeable solutions, this has helped settle nerves and in turn strengthen the Euro further.
The ZEW confidence survey is released on Tuesday and expected to show an improvement in the general view for output going forward. This will probably drive the market on the day and could make the Euro yet more expensive to buy.
Thursday is probably the biggest day for the Euro with the latest ECB Monetary policy meeting minutes being released. The information from this report will probably give the market a clearer idea of the well-being and health of the European economy and could therefore change the demand and therefore the value of its currency.
EU Industry Productivity is also released on Thursday and is currently forecasted to show an improvement which if confirmed could equally add to its value making it more expensive to buy.
For more information on how future data releases could affect your currency requirement, call our trading floor on 01494 725 353 or email me here.
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