The Hungarian Prime Minister along with Netherlands Right Wing party leader Geert Wilders both adopted “Make Europe Great Again” in speeches copying US President Donald Trumps “Make America Great Again” slogan. Whilst this can be taken as tongue and cheek it does suggest a stark warning for the direction the EU is moving towards.
Several leaders and future leader hopefuls including Frauke Petry from the Alternative for Germany and France’s National Front, Marianne Le Pen all met at the so called “European Counter-Summit” yesterday. The Summit was seen as an opportunity for the leaders to raise their profiles as the EU moves towards elections in several different member states. The fact that the key right wing figures all appeared together may start to show the amount of support these parties have. Mr Wilders in Netherlands looks as though he could win the election in Netherlands in a few weeks however he may need to form a coalition so getting into power may be another question.
Next week there will be several releases for the Eurozone with Business sentiment data due on Monday, this will be followed by GDP data for the final quarter of 2016. Later in the week the ECB non-monetary policy accounts will take place, the notes from this meetings could provide an insight into the current economic conditions.
Sterling has gained two and a half cent since the start of this week making a €200,000 transfer nearly £4000 cheaper. In my opinion next week Sterling could see further gains as more information regarding Brexit becomes available. Since Theresa May spoke last week there has been positive movements and I think this may continue. I don’t think it will be too long before we see the Sterling Euro rate move back above 1.20.
Keeping in touch with your broker and setting rate alerts in the market could make sure you’re trading at the levels you want to achieve.
Political events in Europe continue to drive GBP/EUR exchange rates, and with little way of knowing what may arise from Brexit or the elections in Europe, you may be prudent to protect your currency position ahead of such major events. Call our trading floor on 01494 725 353 or email me at firstname.lastname@example.org.
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