There has been some impressive economic data coming out of the Eurozone of late. Eurozone Gross Domestic Product (GDP) showed growth of 0.4% during Q1 of this year which was above expectations. This is quite a change considering the slowdown witnessed towards the end of 2018.
|Currency Pair||% Change (Month)||Difference on £200,000|
There was further good news showing that Italy has come out of recession, following impressive Quarter on Quarter growth of 0.2%. Exports were very impressive and helped push Italy out of recession. This was against the grain as many economists predicted Italy would remain in recession for the foreseeable future.
There was also good news from France. France’s GDP rose by 0.3% which again helped the euro against the majority of major currencies. Spain joined the trend with an increase on Q1 growth of 0.7%.
Despite all this positive news we saw the pound make advances against the euro as Brexit continues to prove it is a key driver on GBP/EUR.
At one point during Friday’s trading, the GBP/EUR interbank rate threatened to breach the 2 year high of 1.1805.
It is not guaranteed we will see a Brexit deal in place before the 23rd May European elections, which may be concerning for euro sellers hoping for GBP/EUR to drop below the former key resistance point of 1.15.
If you are sitting on euros you may wish to consider a Stop/Loss market order contract. This is when you set a rate of exchange as a safety net and in the event the market starts to move heavily against you, your currency will be automatically purchased at the rate you set. They can be cancelled or amended provided the order is not very close to filling.
There is little data of importance coming from the eurozone this week, but it would be wise to keep an eye on Brexit developments as this is likely to continue to be the main factor dictating GBP/EUR value.
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