This Euro rate update examines factors that could affect EUR exchange rates this week. With the GBP/EUR rate rising recently will Unemployment and CPI data, or UK GDP figures impact the value of the Euro.
Euro sellers have taking a hit recently with the Sterling rally. I feel the safe option for those selling Euros is to move before the day of the EU referendum vote, 23rd June. It may be a small window of opportunity. We saw the GBP/EUR exchange rate rise very close to 1.29 during yesterday’s trading. It is important to remember in December GBP/EUR was sat in the 1.42s. To perform a trade in present conditions on €200k would result in a higher return of over £14,500.
I believe there may be small spikes in favour of the Euro in the lead up to the EU Referendum and these should be taken advantage of. We will see the impact of the Leave campaigns funding over the coming weeks which could sway some of the voters resulting in some Euro strength.
This week we are expecting the release of Unemployment data and Consumer Price Index figures which are both key economic indicators. Both are due to be released on Thursday at 9:00am. I feel it is too soon to see any affect of the European Central Bank's recent change in monetary policy and I expect little change.
UK GDP figures, which are released on Wednesday at 8:30am could present an opportunity for Euro sellers as I expect a drop which could strengthen the Euro.
Thank you for reading today’s Euro update, I would greatly appreciate any feedback you have and would take pleasure in replying personally. I am more than happy to assist you with any of your currency requirements. Feel free to email me at email@example.com.
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