The Euro has been going from strength to strength recently with the euro interbank rate now trading at its best level against the pound since January creating some excellent opportunities to sell euros to buy sterling.
|Currency Pair||% Change (Month)||Difference on £200,000|
Last week German inflation figures fell from 2.1% in April to just 1.3% in May for year on year. Inflation fell in the Eurozone’s leading economy meaning that the European Central Bank (ECB) is likely to stick to their current monetary policy.
As inflation continues to remain lower than the required level of 2% the central bank is likely to keep interest rates on hold. The ECB are set to change their president later in the year, so I think the status quo is likely to remain the same for quite some time.
On Thursday the European Central Bank will be holding their latest meeting to discuss interest rates so make sure you’re prepared to move quickly if there is any signs of a change coming.
On Tuesday morning the Eurozone will release its latest unemployment rate for April. The unemployment level has been dropping so another sign of improvement could help the euro.
However, also out on Tuesday will be Eurozone inflation for May. The expectation for year on year will be 1.3% which is lower than the most recent release of 1.7%.
As we saw last week with German inflation I think we could see another poor release so make sure you’re well prepared for what could be a very busy day on Tuesday if you’re planning a currency transfer involving euros.
On Wednesday we have another busy day with the release of PMI Services data closely followed by Retails Sales. The high street on the continent has been struggling recently and the expectation is for a fall to 1.6% so if we see the figure coming out lower than expected this could see the pound make a small gain against the single currency.
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