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This Euro rate forecast discusses events that could affect the cost of converting Euro this week. The table below displays the movement in the GBP/EUR exchange rate during the last 30 days:

Currency Pair% ChangeDifference on £200,000
GBP/EUR4.58%€10,440

Recent strength of economic data releases from both Germany and France in particular has pushed up Economic Growth in the Eurozone to twice that of the US in Q1 of 2017. Could this affect the ECB’s interest rate decision this time round?

The ECB Interest Rate Decision (alongside its Deposit Rate counterpart) is announced at 12:45pm on Thursday. With the market expecting Mario Draghi to take the cautious approach and announce no change to current policies, it will be the subsequent monetary policy statement press conference that will determine where EUR paired rates move to. If you have a EUR requirement it may be wise to contact us ahead of this in order for us to help you take advantage of any spikes that may occur.

Is Parity On The Horizon for GBP/EUR?

A worrying report for anyone with a EUR purchase requirement in the near future published by David Bloom, FX Strategist at HSBC has found there is significant evidence for EUR to strengthen against GBP after the UK General Election and even cause GBP/EUR to drop to parity by the end of 2017, citing two main GBP weaknesses as evidence:

  • Firstly, long and hard fought Brexit negotiations will weigh on GBP culminating in the potential for the UK to leave the EU with no deal in place.
  • Secondly, signs are beginning to appear the UK economy is feeling the effect of Brexit related impacts and slowdown as a result may lead to investors selling off GBP for EUR.

Economic Data Releases This Week

Wednesday sees the release of Q1 Gross Domestic Product (GDP) figures for the Eurozone, measuring the total value of all goods and services produced in the Eurozone as a whole.
Friday at 7:00am we see the release of April Import, Export and Trade Balance figures for the engine room of the Eurozone, Germany.

For further information on how data releases could impact a Euro currency exchange call us on 01494 725 353.

 

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US economic data this week

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Exchange rates on this page are interbank rates and indicate where the market is trading to show the performance of a currency pair. They are not indicative of the rates which we offer. The information on this web site is provided free of charge for information purposes only. It does not constitute advice to any person on any matter. Foreign Currency Direct plc. ("FCD") makes every reasonable effort to ensure that this information is accurate and complete but assumes no responsibility for and gives no warranty with regard to the same.