Yesterday morning, Germany released its import data for last month which came in better than expected and helped to strengthen the Euro against the pound. The Eurozone has so far come on top after the UK’s vote to leave the EU, according to the data released thus far. The most recent data release to highlight this was yesterdays NIESR (national institute of economic and social research) growth forecast being cut from 0.6% to 0.3% denting Sterling’s value and presenting Euro sellers with fantastic opportunities.
Yesterday afternoon it emerged that Germany has started to ‘close the door’ on its open door policy for migrants, with government data revealing it has turned away 13,000 migrants without valid documentation already this year. I believe that this is a response to the terrorist attacks that have been occurring in Germany and France this year and could prompt France into adopting a similar stance in the months ahead.
Additionally, the EU has waived the fines it was planning on imposing on Spain and Portugal over their excessive budget deficits. Last year, Spains deficit was 5.1% of its gross domestic product with Portugal’s deficit at 4.4%. The EU requires all member states to run budget deficits below 3% of GDP. These measures have been imposed due to a rising anti-austerity regime across Europe. Recently, the Eurozone’s inflation has started to lift.
Has the Eurozone started to get it right with monetary policy and furthermore, will the anti-austerity measures help to kick start other economies?
Looking closer to home, on Friday gross domestic product figures for the Eurozone will be released along with industrial production figures. These figures will be watched closely to see what impact the Brexit has had.
Whether your a Euro seller or buyer, a number of upcoming releases could impact your exchange needs, why not get in touch with us today to discuss further? Call our trading floor on 01494 725 353.
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