The Euro rate update below discusses factors that could affect EUR exchange rates this week.
The Eurozone has been through a range of emotions of late. Over the weekend Greece has made its way into the headlines once more, as it imposes more austerity measures in order to unlock another tranche of bailouts from the International Monetary Fund.
Today is the day we expect to find out if Greece will receive that latest set of bailout loans.
Even with Greece back in headlines, Eurozone consumer confidence yesterday came out better than expected for the second month in a row. Conversely, Eurozone firms reported the lowest level of new business for nearly a year and a half yesterday.
Finally, Markit services data for May as a whole was worse than initially thought, however France and Germany the two big players in the Eurozone had better than expected services data. This highlights what I mean by the Eurozone’s mixed bag.
I believe that this is showing that whilst France and Germany are still able to perform moderately in an underperforming ‘team’ of nations, the rest of the Eurozone’s nations are struggling. Personally, I think that the Eurozone will soon have to rethink monetary policy for France and Germany. Having one fiscal policy for 28 different countries, all different in terms of economic output and pace will soon cause problems for the Eurozone in my opinion.
We have the latest set of GDP data released this morning for Germany, followed by the ZEW (Zentrum für Europäische Wirtschaftsforschung) economic survey for the Eurozone, which measures investor’s confidence. If German GDP comes in better than expected following German services data coming in better than expected yesterday this could translate into further Euro strength.
Thank you for reading my Euro exchange rate update, if you would like to hear more about Euro rates I would be happy to help, you can email me with any queries at firstname.lastname@example.org.
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