This Euro report will examine the factors that could affect exchange rates this week in order to help you stay informed if you need to make a currency transfer. The table below shows the difference you would have received when buying £200,000 at the high compared to the low yesterday.
|Currency Pair||% Change||Difference on £200,000|
The Spanish Prime Minister Mariano Rajoy is putting pressure on Catalan separatists in the regional parliament to choose another leader who will respect the law. It is possible that the saga involving deposed leader Carles Puigdemont may now be coming to an end. Earlier this week a reporter was able to photograph the phone of another exiled minister which showed a text from Carles Puigdemont himself. The private message signals that it’s likely to all be over for him and that he has been sacrificed by his peers as part of a plan by the Spanish central government.
It has been reported that Madrid may have agreed to consider the release of a number of ministers currently in prison on condition that they do not elect Puigdemont.
The uncertainty for Spain and Catalonia may now be coming to a close which could see stability return to the region and may also provide a small boost for the Euro. Carles Puigdemont has denied backing down though so there may be still some twists and turns and Euro volatility on the back of it.
The Euro also could see renewed strength after German Chancellor Angela Merkel has come to an agreement with the Social Democrats Party (SPD) after months of negotiating and political uncertainty. Angela Merkel has had to make a series of compromises to appease the SPD and it will go to final vote which needs to be approved by SPD members. There are concerns from within the SPD that re-entering a coalition could damage the party in the long term. This vote could see more troubles for the Euro if it doesn’t go through although so far the noises being made are positive for the deal to happen. One twist however is that the leader of the SPD Martin Schulz who has been a critic of Brexit will stand down as party leader and take the reigns as foreign minister. This has implications for Brexit and his move is likely to influence Brexit negotiations. This is a name we are likely to be hearing a lot more of in the months to come.
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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