The pound has been a little flat against the Euro of late but rates are still attractive with the main inter bank rate still above 1.21 which represents good buying opportunities if you have an up and coming currency transfer to make.
Today sees a raft of data released including economic sentiment figures and consumer confidence numbers in the Eurozone alongside retail sales figures for Italy and unemployment data for Spain. The big news though is likely to be the first revision of UK Gross Domestic Product (Growth figures for the economy) which, if revised up could give the pound a big boost and represent some excellent opportunities for those clients looking to transfer funds internationally. If you have not traded by close of trading, in the evening latest UK consumer confidence figures are set to be announced which will give a good indication as to how UK consumers view the economy and any positive figures here could also contribute to the pound gaining on Wednesday morning.
On Wednesday eyes will move over to data from Europe If there is a strong GDP number from the UK tomorrow and data from other economies are not so favourable Wednesday could be a very good day for the pound. We have German retail sales and unemployment figures, Spanish GDP figures and probably most notably, the latest set of Eurozone inflation data. Inflation has been one of the main factors influencing the Euro recently as there is a large amount of concern that the single currency economy could fall into deflation which could have lasting pressure on their economy. So, should these figures show another drop it could weaken the EUR and lead to more calls for the European Central Bank to act before it is too late hopefully resulting in a spike for GBP/EUR.
So the first part of the week is due to be fairly busy with what will I am sure create good buying opportunities regardless of the currency you require purchasing. I always recommend that clients act on spikes in the market to make your funds go as far as possible. We have different contract options which can give you the peace of mind in knowing exactly how far your funds are going by forward buying. This limits your exposure to volatile currency rates and means you cannot get a lower rate by the time your completion arrives. If you would like more information on the currency service I can provide then please do feel free to contact myself Ben Amrany at [email protected]