With the currency markets moving every two seconds, it can be vitally important to be aware of what is driving the currencies in or out of your favour. The below table shows the difference in Euros you would have achieved when buying £200,000.00 during the high and low points of the past 30 days.
|Currency Pair||% Change||Difference on £200,000|
Over the last 12 months the Euro has performed well against most of the major currencies and in particular the US Dollar. EURUSD 12 months ago hit lows of 1.05 and at the time of writing this report EURUSD has broken through a 3 year high with exchange rates breaking through 1.22. Furthermore the Euro is also performing well against Sterling even though the Pound has had a good run of late
Yesterday morning Eurozone inflation remained steady at 1.4% and investors will now be looking to the European Central Banks interest rate decision next week for further insight to future monetary policy decisions.
The Eurozone economy at present is growing at its fastest pace in a decade. Couple this with Unemployment at a nine year low, many economists are predicting that the unwinding of the quantitative easing program could come sooner than first predicted and some economists are suggesting that an interest rate hike could occur early 2019. The positive news surrounding the Euro at present is why the Euro remains extremely strong against the US Dollar and Sterling.
I expect at the next meeting the ECB will continue to keep their cards close to the chests however with the economic numbers being produced at present it will be difficult for ECB President Mario Draghi to talk down the Euro. My prediction is that it could be a good finish to the week for Euro sellers.
It wasn’t a great day for the Euro yesterday as ECB Vice Chair Constancio stated forward guidance is unlikely and insinuated the recent strength of the Euro could be coming to an end. EURUSD and EURGBP both dropped 0.5% throughout the day providing a window of opportunity for Euros buyers.
Thank you for reading my Euro currency report, if you have any questions about Euro exchange rates I would be more than happy to discuss them – you can contact me with any queries on 01494 725 353 or email me here.
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