This Euro update examines factors that could affect exchange rates this week in the run up to the German election. This table shows the market movements for GBP/EUR since the beginning of 2017:
|Currency Pair||% Change||Difference on £200,000|
With a host of positive economic data of late and the Eurozone looking like it is currently in a very strong position in terms of growth, followed with Mario Draghi talking up the long term prospects for many countries in the bloc, the Euro has gone from strength to strength against Sterling. With this positive news for the Eurozone and growth continuing at a steady pace I think the Euro could continue to strengthen over the next quarter. Over the last 30 days a well-timed EUR/GBP €200,000 transfer would have gained you an extra £7,250 which is why it is vitally important to be in regular contact with your account trader here.
In my view the next couple of weeks could be a vital time for the future of the Eurozone and also the long-term future for the UK.
With the German Election only a number of days away now in my view the headlines within Europe will soon start to turn away from Brexit trade deals and focus on who may be the next leader of Europe’s most powerful economy. Historically elections have usually been market movers in terms of exchange rates, generally causing uncertainty and therefore creating weakness for the currency in question. In my view this could be a bit of lifeline for Sterling as we start to move closer towards the election at the end on Sunday.
It is a fairly quiet week ahead in terms of data releases for the Eurozone, However Mr Draghi is speaking today at 13.30 regarding the Eurozone economy and if we hear any signs of continued positive growth from Mr Draghi then expect to see movements for Euro rates in a positive direction.
Thank you for reading my Euro currency report, if you have any questions about Euro exchange rates we would be more than happy to discuss them – you can contact any of our currencies brokers with any queries on 01494 725353.
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