With foreign exchange rates moving every two seconds, it is helpful to be aware of what factors are likely to affect currencies ahead of a currency exchange.
The good news carried on for the Pound vs the single currency as there looks to be a strong possibility that Eurozone QE may be pushed past the September 2016 deadline and more added to the current amount in December. This saw a huge amount of Euro weakness vs both the Pound and the Dollar creating some excellent opportunities to buy Euros.
Although nothing changed with the current monetary policy the rhetoric from the speech was that further easing is clearly top of the agenda. Weakening of the single currency is on the mind of the central bank as a weak Euro would help Eurozone exports and help the economy to grow.
In addition to the mention of QE was the possibility that the ECB may even look at cutting interest rates to below the current 0.05% levels, which would likely weaken the Euro as and when this happens.
On Wednesday the Eurozone’s largest country Germany releases a Consumer Confidence survey and with the recent problems across the continent I think the figures could cause some further turmoil for the Euro.
Therefore, if you need to convert Euros into Sterling it may be worth doing so early this week to avoid the market getting worse for you.
Thank you for reading my Euro currency report, I hope you found it informative. If you have any questions about factors that could affect Euro exchange rates I would be more than happy to discuss them – you can contact me with any queries at firstname.lastname@example.org.
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