Getting the best exchange rate can be achieved by understanding what is driving rates and the service of a specialist currency broker. Below are movements showing the difference in Euros you would have achieved during the high and low points yesterday when buying £200,000:
|Currency Pair||% Change||Difference on £200,000|
The Euro continues its impressive run of form following better than expected inflation data in Germany, Eurozone confidence creeping up to a ten-year high and to top it all off Credit rating agency Moody’s upgrading the growth forecast for Germany, France and Italy for 2018.
The German harmonised Consumer Price Index is the same methodology which is used across the Eurozone, a better than expected figure in the Eurozone’s biggest economy is a sure sign that inflation is on the up across the board.
Official figures for the Eurozone will be released later on today.
The Euro’s strength remains to be very much in topic and the most asked question is how long will it last?
As we have seen yesterday, sentiment and growth in the Eurozone remains high, and although Germany showed marginally better inflation, is it enough to warrant a rate hike from the Eurozone?
Inflation has been a key issue as to why the European Central Bank won’t start to raise rates anytime soon. I personally think that Mario Draghi will announce he is going unwind his Quantitative Easing programme further and will also provide a clue as to when the Eurozone will begin to raise interest rates however, with many reports anticipating inflation to not go above 1.5% this year, well below the target rate of 2% set by the ECB, I wouldn’t expect to see interest rates rise this year.
That being said, at present the Euro strength is showing no signs of slowing down. The Euro is currently benefitting from a safe haven status following the geopolitical tensions between North Korea, Japan and the US. Combine this with the recent positive sentiment surrounding the economy and I see very little reasons for Euro weakness anytime soon.
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 here.
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