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 over the past 30 days.
|Currency Pair||% Change||Difference on £200,000|
The Euro suffered yesterday against the Pound as even above expectation Gross Domestic Product (GDP) from the Eurozone failed to supress a GBP rally on the back of an unexpected new 42-year low for the UK unemployment rate, now sitting at 4.4%. Over the course of yesterday shifting more than half a cent from 7-year GB/EUR lows, finally nestling at just below 1.10.
Angela Merkel and the Cristian Democratic Union (CDU) party currently have a lead of 14 points over that of closest rival Martin Schulz and the Social Democratic (SDP) party.
Whilst this may seem a large lead in the German elections it is worth remembering how Theresa May was unable to produce a majority with a lead of more than 20-points in the polls at the start of her campaign.
If you have a Euro selling requirement it may be wise to contact your account broker here at Foreign Currency Direct today on 01494 725353 and take advantage of current levels, sitting at close to 7-year lows.
This morning at 10am we see Consumer Price Index (CPI) released for the Eurozone, using the change in the price of a basket of goods and services to give an insight into the change in the cost of living and squeeze on family finances. If this release shows a significant increase to the expected 1.2% we may see further downward pressure placed on GBP/EUR as investors price in a tightening of the ECB’s current ultra-loose monetary policy.
Later we see the release of Eurozone trade balance figures at 11am by Eurostat and ECB monetary policy meeting accounts at 12:30pm, helping the market to understand the rationale behind the European Central Bank’s (ECB) current and future monetary policy stance. On Friday at 9am we see the release of Eurozone current account balance, showing the net flow of transactions in and out of the Eurozone, a high reading would indicate a strong overall business sentiment.
Thank you for reading today’s market report, I would greatly appreciate any feedback you have and would take pleasure in replying personally. I am more than happy to assist you with any of your currency requirements. Feel free to get in touch on 01494 725 353.
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