For any clients looking at moving money back to the UK at present, it may be worth doing so sooner rather than later. Any Brexit optimism is likely to push the pound up, as we have seen in the past week and could therefore create a favourable position to buy euros should we see progress this week. While continued fears over a clash between Italy and the EU could cause euro weakness.

Economic data this week

The majority of influential economic data for the Eurozone this week falls on Wednesday and Thursday. Firstly, the Eurozone’s flash Purchasers Managers Index data for October will be released. A slight drop is expected on the whole so we could see the euro trade lower on Wednesday.

On Thursday, the European Central Bank will hold its latest monetary policy meeting. No fireworks are expected at this month’s meeting, however any mention of a change in fiscal stimulus due to the Italian situation is likely to cost the euro.

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