The Euro strengthened a little against the Pound during the course of yesterday after the Bank of England unanimously voted to keep interest rates on hold, and the European Central Bank confirmed future expectations for its monetary policy for the next year. The Euro report below covers the Central Bank's interest rate decision and meeting minutes that followed with an outlook on the next data releases of interest. The table shows the range of EURGBP exchange rates for the past month, highlighting the importance of timing your transfer to maximise on your return.
|Currency Pair||% Change||Difference on £200,000|
Although the confirmation from the ECB of cutting its asset purchasing programme would usually be viewed as a positive by investors (as the economy has picked up enough pace to warrant this), the Euro struggled to make any substantial gains against the Pound and US Dollar. Draghi also spoke about the concerns over global trade tensions, and also cut the banks Growth forecasts by 0.1% for the next two years, along with its Inflation forecasts until 2020.
The next key data sets to watch out for which could affect the Euro are Inflation readings in the form of Consumer Price Index on Monday at 10am.
These are expected to improve in August by 0.2% from the -0.3% recorded in July, and could help the Euro to strengthen against the Pound returning to the 1.11 levels seen last week. Get in touch with us today if you wish to plan around these events.
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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