If the Euro had been a boxer then I would be of no doubt that it would be world champion by now as no matter how many huge punches are thrown at it, it just will not lie down.
Just take into account that we have on-going problems surrounding the Greek debt problems, the Italian banks have been struggling in the background, the EU in general is feeling the pinch thanks to the referendum in the U.K and unemployment in a lot of countries is at horrific levels too.
Despite all of this the Euro has still managed to gain good ground against Sterling lately but I would not be surprised to see the tide turn at some point in the near future.
Yesterday the Financial Times reported that they felt the ECB (European Central Bank) are closely monitoring the uncertainty in the global economy and that they may need to act again next month at the next monetary policy meeting. The most likely move would be an introduction of further QE (Quantitative Easing). QE is essentially printing more money and pumping it into the economy to give it a shot in the arm.
When a central bank introduces more QE it does tend to weaken the currency concerned so keep a close eye out for any speeches coming up from Mario Draghi (head of the ECB) in the near future as a nod to an extension of QE may lead to Euro weakness.
We have a quiet day ahead for European data however next week there is plenty for the market to get its teeth into. If you would like to be kept up to date with the very latest action then feel free to get in touch with our trading floor to make us aware of any requirements you may have.
Markets remain volatile with Brexit the driving global economic risk, you may wish to talk to our brokers to discuss an upcoming currency exchange requirement. Call us on 01494 725 353 today.
I have used Foreign currency direct on two occasions, both were stressful times for me but Daniel and staff were wonderful. Every step was explained and all queries answered fully and swiftly. I would not hesitate to recommend to anyone for an excellent service.
I decided to use this company after reading many blogs by Daniel Wright on the forecast of Sterling. He always seemed to get his predictions right and also seemed to have not only very good knowledge but a passion for the industry he is in. Daniel was not only informative but patient and gave us options on the lead up to our currency exchange.
I only have praise for the way this company make the stressful experience of Forex a simple process. Difficult to be specific but there is always the personal touch. Recently, with the BREXIT hysteria the dealers must have been very busy but Daniel Wright was always available or never failed to ring me when requested.
A totally reliable and trustworthy service. I have used them on three occasions now and my money has always come over on the agreed date at the agreed rate. Daniel Wright is a pleasure to deal with -patient, personable and professional.