Sterling exchange rates have gained just shy of 0.3% against the Euro today on a relatively quiet start to the week on a quite day data wise. Should you have an interest in either the Pound or Euro watch out for the following data as this may impact on the short term direction for GBP/EUR. Tomorrow as with today is also relatively quiet as far as data is concerned, however there is an important meeting tomorrow between German Chancellor Angela Merkel and the head of the European Central Bank Mario Draghi. The meeting is scheduled to discuss the state of the Euro and may cause market volatility as a result.
Heading into Wednesday data is mainly Euro focused with CPI (inflation figures) from Germany and consumer confidence figures from France, both are early morning releases and could pave the way for Wednesdays Euro movements. Heading towards the tail end of the week Thursday and Friday are full of data from both the UK and Europe starting with UK house price data at 07:00 and European unemployment figures at 08.55. Possibly more important for this pairing will be UK GDP figures at 09:30 – this is the second revision for quarter 2 and is expected to remain at -0.5%, however any deviation and this can cause big swings either way for the pound.
To finish the trading week watch out for European Retail Sales figures on Friday released at 07:00 – expecting a slight improvement month on month from -1% to -0.7% and is likely to give slight support to the Euro. Overall I would expect the Euro to find some support this week and would expect to see levels heading towards 1.24 and below, potentially good news should be looking to sell Euros in the short term.
As one of the specialist currency brokers at currencies.co.uk I am happy to discuss my opinion and views with you to help you negotiate the best rate of exchange when arranging your transfer. As one of the largest UK’s brokers we assist private and corporate clients with transfers ranging from property completions, import/export requirements, monthly/quarterly invoicing, inheritance to name just a few – basically any circumstance where a money transfer can be arranged electronically. Should you have a currency transfer pending and would like to discuss my views and the various contracts we can offer to give you more control over your exchange then please contact Mike directly on [email protected] or call 01494 787478 and I will gladly be of assistance.