Getting the best exchange rate can be achieved by understanding what is driving rates and the service of a specialist currency broker. Below are movements during trading hours on Friday 24th affecting Euro rates when buying £200,000:
|Currency Pair||% Change||Difference on £200,000|
Angela Merkel, the German chancellor and her former coalition partners the Social democrats are set to hold talks in an attempt to form a coalition. The Social Democratic Party (SDP) have stated they are now willing to open talks to end the political Impasse.
Merkel’s previous attempt to form a coalition government with the Greens and the Liberal Free Democrats failed last week, and the new potential coalition has caused a significant spike for the Euro.
SPD leader Martin Schulz, who previously refused to renew the coalition has been forced to change his stance due to pressure from allies.
Schulz had strongly rejected forming “the grand coalition” led by Merkel’s Christian Democrats and the Christian Social Union, and had vowed to take his party into opposition despite the likelihood of this being beneficial. It will likely be used to strengthen his position in talks.
Frank Walter, the German President will host talks next week and how talks progress will no doubt influence Euro levels.
German unemployment data is due out on Thursday and as Germany are considered to be the engine room of the Eurozone it can be known to influence Euro value if there is a big swing against expectations.
There is expected to be a slight decline which could cause a minor strengthening for the Euro.
Eurozone Consumer Price Index (CPI) is a key measure of inflation. If there is an increase as expected this will mean inflation is keeping in line with the European Central Bank’s expectations and could bring an interest rate closer to implementation. This could cause a rise in Euro value.
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 727 353 or email me here.
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