This Euro rate forecast discusses the today's Eurozone growth figures and how it may affect Euro exchange rates and the cost of sending money overseas.
Today a host of data will be released on growth data across the Eurozone, focussing on both individual countries and the Eurozone as a whole. With the recently strong performance posted during the first quarter of 2015 this is likely to be repeated.
What markets will most be looking forward to is annualised predictions of how growth will be performing. Whilst the Eurozone outperformed the UK this quarter, predictions are still for the UK to win overall this year. Most recent forecasts for the entire Eurozone for yearly growth are 1.6%, and we found out from the Bank of England yesterday that despite a revision downwards, total expectations for the year are still at 2%.
Any deviation from this could see Euro buying rates change drastically, however, the accompanying inflation data from individual countries such as Spain, Greece, and Germany will likely be the deciding factor.
Last month the Eurozone themselves struggled with low inflation. Having already cut interest rates to 0% the Eurozone are running out of tools to manage this. Will they begin to entertain the idea of negative interest rates? Mounting evidence of prolonged low inflation may force the issue, so we may see some tempting buying Euro rates to end the week.
Thank you for reading my Euro forecast. If you have any questions about anything you have read in this report, or regarding Euro exchange rates in general, I would be happy to discuss them – you can contact me with any queries at firstname.lastname@example.org.
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