Much of the news and updates released relating to Brexit has the potential to move both the Euro and the Pound at the moment, depending on what’s said. The Euro report below looks into the impact of the news from the EU Summit. The table below shows the difference in the potential return when selling £200,000.00, depending on the time of your transfer during the last month.
|Currency Pair||% Change||Difference on £200,000|
One issue that seems Euro specific at the moment is the migrant crisis, with divisions showing throughout the European Union regarding the matter.
The Southern countries believe they’re bearing the burden as they’re of course the first point of entry, whilst the Northern countries believe they’re picking up the financial burden and that the Southern countries such as Italy and Greece aren’t doing enough to stop the movement of people through Europe.
This is ongoing whilst many Eastern European nations have refused to follow protocol. The numbers of migrants has recently decreased but the topic has become a top priority within the EU.
The split within Europe has reached German Chancellor, Angela Merkel’s party as her own interior minister (Horst Seehofer) has threatened to ‘unilaterally slam Germany’s borders shut’ if a workable plan hasn’t been put forward by the end of the EU Summit. The crisis has clearly resulted in a less powerful position for Merkel, and the splits within the EU are now very obvious.
In the early hours of this morning EU leaders reached a deal after 10-hours of talks according to the BBC. With Italy threatening to veto the entire EU agenda if it didn’t receive help the leaders have now agreed that migrant centres could be set up on a ‘voluntary’ basis. They will be used to determine genuine refugees although where these centres will be based is still unclear.
The Euro has strengthened off the back of this news this morning, and it’s up against every major currency pair.
Despite not falling by as much as economists had expected, economic sentiment in the Eurozone slipped in June as those in the construction sector became more downbeat. The Euro remained stable and owing to the EU summit hopes of a deal, the Euro actually strengthened throughout the day.
Inflation data will be released this morning at 10am UK time, with the Consumer Price Index for June expected to show 2% growth on the previous year’s rate. Please make us aware if you wish to be updated in the event of a major move for the Euro today.
For more information on how future data releases could affect your currency requirement, call our trading floor on 01494 725 353 or email me here.
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