The Euro has had a really good run of form over the past few months, even with the great deal of problems the European Central Bank faces, nothing seems to be weakening the rate. One concern for those looking to sell Euros in the near future is that once the U.S election is out of the way and there is a little more certainty surrounding the Dollar (assuming Trump does not win), there is a chance that we may start to see a flow of money from the Euro to the Dollar, potentially making the Euro a little weaker.
Let’s not forget the Trump factor though, he is not out of the race yet and this bodes for a very volatile week ahead for all exchange rates.
EUR/USD is the currency pairing that is traded the most around the world, so when we have good data for the Dollar the Euro usually weakens and visa-versa.
As soon as the U.S election is finished, the media will also have to find something else to fill the pages once again so I would be surprised if they did not start to dig dirt on situations in Europe once again. With Italian banks, Greece, Deutsche Bank and political problems to name but a few.
Expectations as we move forward are for an interest rate hike in the U.S in December following the Federal Reserve statement last night and this may further add to the chance of Euro weakness.
Eurozone unemployment is due out this morning and there is an expectation for a slight improvement from 10.1% to 10% precisely.
Should this be the case, there may be a small improvement in the strength of the Euro in advance of what will be a big day for U.K economic data and Sterling exchange rates too.
If you would like to be kept fully up to date on Euro exchange rates then feel free to contact our trading floor today on 01494 725353 and one of our experienced and friendly brokers will be happy to talk you through.
Clients holding Euros may wish to cash in on the recent highs as a result of the fallout from Brexit. With many obstacles ahead for the Eurozone, why not email me at firstname.lastname@example.org to discuss a currency transfer.
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