Preliminary Growth figures for the Eurozone were released yesterday for the second quarter of 2017, and showed a rise by 0.6% compared to the previous quarter, with Q1 growth being revised down a little from 0.6% to 0.5%.
As the economy has been performing particularly well of late, this news was widely expected, however this combined with the worse than expected Manufacturing data, and better than expected UK Manufacturing data, meant that the Euro lost some ground against Sterling throughout the course of yesterday.
The Eurozone economy has been going from strength to strength. Unemployment figures were released on Monday at the lowest levels since 2009, and Spain’s economy, one of the main concerns to the Eurozone after being the worst hit by the financial crisis in 2008, showed huge signs of improvement on Friday by growing by 0.9% in Q2. Although Inflation is currently sitting at 1.3%, below the ECB’s target of 2%, they are considering tapering their Quantitative Easing programme in the Autumn, which would be yet more positive news for the Euro.
This morning at 8am the ECB will meet to discuss non-monetary policy, which is followed by the release of Producer Price Index for June at 9am. This measures the change in prices received by domestic producers of goods and services, and is expected to better its previous reading of -0.4%.
Tomorrow will likely be a volatile day for GBP/EUR exchange rates, with a host of economic data being released from both the UK and the Eurozone. Dubbed ‘Super Thursday’, and highly anticipated by investors, the Bank of England will be releasing their latest interest rate decision, minutes following this along with a speech by BoE Governor Mark Carney, and the BoE Quarterly Inflation Report will be published. However before this, at 9am the European Central Bank will release their Economic Bulletin, and Markit publish the latest PMI (Purchasing Managers Index) data at the same time. With such a mix of key data being released in such a short space of time, clients may benefit from the use of a Limit Order contract which automatically books out your currency at a desired rate determined by you, helping you to take advantage of any spikes as they happen.
Thank you for reading my Euro currency report, if you have any questions about an upcoming transfer and how it may be affected Euro exchange rates I would be more than happy to discuss them – you can contact me with any queries here.
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