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 for yesterday affecting Euro rates when buying £200,000:
|Currency Pair||% Change||Difference on £200,000|
The Catalonian crisis continues to have a negative impact on Euro exchange rates with the ongoing political uncertainty in the region. Focus now moves to snap regional elections called by Madrid which will take place in December throwing added political instability into the mix.
The uncertainly now surrounds whether ousted leader Carles Puidgemont will be able to take part in this election. He has been summoned by the Spanish criminal courts to testify in Spain today and tomorrow as part of investigations into alleged sedition, rebellion and misuse of public funds.
However he has said that he cannot return to Spain until he has been given guarantees that he will be protected. If he does not appear in front of the court then it raises the question of whether he will be able to run in the December election.
Puidgemont has stated: “I ask the Catalan people to prepare for a long road. Democracy will be the foundation of our victory.”
The situation is particularly serious as it not just the political instability that is bad for the region but also the economic impact. Gross Domestic Product will invariably fall as a result of the crisis having already seen reduced economic activity and with the potential for strikes going forward. It will invariably have a negative impact on Spanish economic growth and this doesn’t bode well for Euro exchange rates. Meanwhile a recent poll this week has found support for independence has risen to a three year high in October with 48.7% of Catalans choosing independence.
EU Purchasing Managers Index data is released this morning for the manufacturing sector which could see volatility for the Euro today. Expectation is for little change so anything different could see a reaction. Next week is more eventful with retail sales and services data although the markets are still digesting the news of the tapering decision by the European Central Bank last week. The markets had anticipated a more extreme version of tapering which has not materialised which has helped see the Euro weaken off. Now that the asset purchases will continue until September 2018 this is keeping pressure on Euro exchange rates. The decision from the Bank of England today will also have a direct bearing on GBP EUR so clients either buying or selling Euros would be wise to make contact and take the risk out of it.
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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