This update will look the factors that are likely to affect Euro exchange rates this week which will assist you if you are buying abroad or looking to make a currency transfer. For more Euro exchange rate forecasts bookmark this page.

Eurozone Economy sees signs of improvement

As highlighted in my Pound Sterling update the Euro has begun to fight back after some much better than expected data as of late. Eurozone manufacturing data for April outperformed the estimate as did the Producer Price Index for March. This morning sees the release of Services data at 9:00am closely followed by Retail Sales at 10:00am. As the week has started off positively for the Eurozone and also the single currency I would not be surprised to see further gains following the release of this data during late morning.

Arguably the biggest event this week will be on Friday when the European Commission announces their latest set of Economic Growth Forecasts. The forecasts have been downgraded during the last few months so owing to recent strong data we could see an improvement as a result we may see a strong end to the week for the Euro.

Indeed, EUR/USD exchange rates are currently at their strongest level in 12 months and this is helping to provide support for the Euro vs Sterling creating some excellent opportunities to sell Euros into Sterling.

If you have any questions about Euro exchange rates, or anything else you have read in this report, please feel free to contact me with any queries at teh@currencies.co.uk.

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Exchange rates on this page are interbank rates and indicate where the market is trading to show the performance of a currency pair. They are not indicative of the rates which we offer. The information on this web site is provided free of charge for information purposes only. It does not constitute advice to any person on any matter. Foreign Currency Direct plc. ("FCD") makes every reasonable effort to ensure that this information is accurate and complete but assumes no responsibility for and gives no warranty with regard to the same.