This Euro currency update discusses the recent growth figures from Germany and examines factors that could affect EUR exchange rates this week.
Germany more than doubled in growth from the previous quarter reporting the economy expanded by 0.7% in the 1st quarter of the year compared to 0.3% at the final 3 months of last year. Germany is considered the engine room of Europe and strong data for the region creates strength for the Euro.
The Greek economy shrunk by 0.4% in the first quarter compared to the end of 2015. There is a belief that Greece will have a positive economy by the second half of 2016.
However, this is permitting that a deal can be struck between the International Monetary Fund and Greece’s creditors, if there isn’t a deal struck in May there could be market fears as Greece could be bankrupt by July.
The EU will release trade balance figures which compare the imports with the exports. On Wednesday the ECB have their 6 weekly non-monetary policy meeting. The meeting is a discussion amongst members with regards to the economic policy for the Eurozone. Whilst there is no monetary policy changes decided at this meeting there can often be volatility depending on the conclusion. On Thursday there is the ECB Monetary Policy accounts report which reviews the current performance of the implemented fiscal measures.
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