Despite euro exchange rates holding their own and making a slight gain on sterling in the past few weeks there are still many issues with the European economy that currently aren’t hitting the headlines as much as they might without Brexit.
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German growth figures have been low and the German economy has only narrowly avoided the levels that would equal a recession in recent months, with the motor industry having shown quite a slowdown and possible further tariffs looming from the US and Donald Trump, there are concerns that any further drop off could be the straw that breaks the camel’s back and pushes the Eurozone into a recession.
German Institute for Economic Research (IFO) data which measures business conditions expected over the coming 6 months posted lower than analysts had predicted and equally does not paint a great picture for the economy moving into the second half of the year.
Should these concerns be correct and a breakthrough in the Brexit deadlock be made then GBPEUR exchange rates could look to climb back up in the coming months but with the way Brexit progress seems to be moving along it would be a risk counting on this should you have a need to buy euros in the coming months.
We have important elections over the weekend in Spain, currently the Spanish Socialist Party are in position to be victorious in the third election in Spain in the last four years.
Pedro Sanchez, the current Prime Minister in Spain, has a minority Government and recently had his 2019 budget rejected in February which led to him calling the election.
What an election can bring is uncertainty, and the worry for the euro is in recent polls 40% of voters are undecided so this could still throw up a great surprise and lead to a volatile euro on Monday morning.
For the very latest movements or an up to date exchange rate for GBPEUR feel free to contact us using the form below and we will be more than happy to keep you up to date with the very latest action.
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