This Euro report will examine the factors that could affect exchange rates in the short term to help you stay informed if you need to make a currency transfer. The table below shows the difference in Euros you would have received when buying £200,000 at the high compared to the low yesterday.
|Currency Pair||% Change||Difference on £200,000|
Mario Draghi, the head of the European Central Bank (ECB) due to speak at the Jackson Hole Symposium on Friday. The Jackson Hole Symposium is an annual symposium held in Wyoming and is a forum for central bankers, policy experts & academics to come together and discuss monetary conditions and policies.
The question on everyone's lips is whether Draghi will address the situation with Quantitative Easing (QE). QE is essentially pumping money into an economy to stimulate growth.
There is a lot of pressure on Draghi to explain how the ECB will exit it’s very large stimulus package, the Jackson Hole Symposium could be the platform to convince the markets the ECB are now in a position to taper QE. Draghi could be reluctant to do so for fear of further Euro strength which could jeopardise euro exports. Current monthly increments are set at €60bn a month, if there are any hints of tapering expect the Euro to strengthen.
I think it would be too soon for Draghi to start tapering, in my opinion there needs to be more sustained growth to warrant a cut in QE. If you are sitting on Euros it is a tough decision when to move, there is the probability the market could move further in your favour, but when GBP/EUR sits at some of the most attractive levels since 2009 I can appreciate the temptation to trade.
Manufacturing and Services Purchase Managers Index (PMI) is a measure of business conditions in each sector, these are due to be released later today. There is expected to be little movement on services and a small drop in manufacturing data. If the data comes in away from expectations there is the possibility of volatility.
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 here.
From start to finish with all contacts you feel like a VIP client even if you are exchanging small amount of currency. Always polite cheerful and give you straight talking advice before making the decision. Daniel Johnson and the team are a pleasure to deal with.
Daniel Johnson was very helpful throughout the transaction. It was quick and hassle free. I would definitely use this method again.
Excellent… can’t fault it… Thankyou Daniel.
Daniel Johnson explained clearly and in an easy to understand way what the process would entail before I made the transaction to pay the deposit on an overseas property. The transaction was carried out in an efficient and timely manner and I felt no pressure at any time.