This report will examine the factors that could affect exchange rates in the coming weeks to help you stay informed if you need to make a currency transfer. The table below shows the difference you would have received when buying £200,000 at the high compared to the low yesterday.
|Currency Pair||% Change||Difference on £200,000|
Much like the pound this week, the Euro also started the week on the back foot. Many investors would have chosen to short positions yesterday ahead of what is expected to be a volatile day for the Euro. Firstly, the ZEW economic sentiment surveys are released for both Germany first and the Eurozone as a whole after this. As Germany is the driving force of the Eurozone, a strong reading normally means the Eurozone follows suite. Secondly, inflation data or consumer price index data is then released for Spain and Italy, before Gross Domestic Product or GDP data is released for the Eurozone as whole. This is of particular interest to investors today following recent reports of the European Commission last week, that suggested that the European economic recovery was to be continued at a substantial pace.
A Reuters article has put the European economy as one to watch for next week, stating it was now entering into a golden period of economy growth. This doesn’t bode well for anyone looking at buying Euros with Sterling given the UK’s current situation.
Amidst a busy day of important data releases for the Eurozone, President of the European Central Bank, Mario Draghi will also deliver his views on the global economy at a conference in Frankfurt. I’m sure that Mario Draghi will be choosing his words wisely at this meeting, back in June at a conference which held similar significance, Mario Draghi’s comments meant that the Euro strengthened to multi-month highs against Sterling and the Dollar. With the Eurozone economy going from strength to strength, tomorrow’s important data releases could very much dictate the tone of his speech later today. I would like to say expect fireworks, however I would expect Mario Draghi to avoid taking about the Eurozone in too much detail.
Thank you for reading my Euro currency report, if you have any questions about Euro exchange rates I would be more than happy to discuss them – you can contact me with any queries on 01494 725 353 or email me here.
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