During the last two trading sessions Sterling Euro exchange rates have remained above 1.20 on the mid-market level despite the announcement on Monday that UK PMI Services data was slightly worse than expected. Growth forecasts seem to be having more bearing on the exchange rates recently and with growth forecasts for the UK bullish this could help give the Pound a further rise.
There is a lot of key data out this week which is likely to affect Sterling exchange rates.
Today Eurozone unemployment & Retail Sales
Tomorrow sees the release of both the UK and ECB interest rate decision. For me it’s unlikely that there will be any change in interest rates but watch out for any comments from Mark Carney or more likely from ECB President Mario Draghi. Also tomorrow Eurozone Confidence will be out so for me I think this could be low than the estimate leading to Euro Weakness so if you have a currency transfer to make this week get in touch for a free quote to buy Euros Tom Holian email@example.com
GBPUSD Exchange rates have dropped by 3 cents since their recent 2 1/2 year high seen in the last fortnight. The tapering currently of US$10bn per month has done little to strengthen the Dollar but once the amount is increased which for me is inevitable I think we’ll see the Dollar strengthen across the board. The US economy has been performing well as of late but this doesn’t necessarily get reflected in Dollar exchange rates as global investors sell the Dollar is search of better yields which includes investing in more riskier currencies.
Friday sees the release of US Non Farm Payroll data which if better than expected could see some quick short term Dollar strength.
If you have a currency requirement and want to save money compared to using a bank get in touch for a free quote Tom Holian firstname.lastname@example.org