With hardly any movement between where sterling opened and closed the day today it very much felt like the calm before the storm. Tomorrow sees the release of US GDP and the US interest rate decision so will likely have a big impact on global money movement. Then on Thursday we have EU Consumer Price Index (ie inflation) and EU unemployment figures. If inflation is low it could once again see the Euro come under renewed pressure as markets price in the prospect of further intervention by the ECB.
Whilst I think it is unlikley the ECB will do anything as soon as August, I do feel the Euro is likely to be tested more this year as there do not seem to be the signs of recovery that we have already seen in the UK and the US. It is this prospect that is keeping the Euro on the back-foot at present so I am expecting big swings if the official CPI figure deviates from expectations.
If you need to make a currency transfer and with GBP EUR rates 1.26 + then the next couple of days could be key to the short term future of pound euro rates. If you would like to get the best exchange rate then feel free to email Colm at [email protected] and I would be happy to explain how our service works.