According to the Markit Eurozone Purchasing Managers Index which measures business output the private sector industry is Europe is growing. The measure published this morning showed a growth to 50.4 in July from 48.7 which means an expansion to an 18 month high.
The Eurozone which has been in recession since the end of 2011 means that this data could help to strengthen the single currency which is exactly what has been seen during today’s trading session. However, the currency movement has been rather limited as all attention will now be focussed on the UK GDP figures due out tomorrow morning at 930am. Expectation are for a growth of 0.6% so anything different could cause GBPEUR to move quickly.
If you’re considering making a currency transfer and want to ensure you’re getting competitive exchange rates then feel free to contact me directly Tom Holian [email protected]