Will The ECB Be Able To Support The Euro This Week?

GBPEUR Levels Back Near the Recent Highs as Investor Concerns on the Euro Heighten

European PMI data this morning has given the Euro a bit of a lift which has been backed up by the overall EU unemployment rate which actually showed a drop of 0.1%.  Manufacturing PMI for the UK however was slightly worse than expected but the pound is pretty much holding its own at the minute as markets are likely to pay more attention to the Construction and Services PMI because they make up a larger part of the economy.  The big news this week though will likely be the ECB rate decision on Thursday.  Last month it was the catalyst for Euro strength after they raised growth forecasts, and dispelled the need for any change in policy.  However inflation has once again disappointed earlier this week and if this continues it could force the ECB’s hand.  Therefore if you are buying or selling Euro you will want to keep a close watch on the press conference.  If you need to transfer currency and would like assistance to get the best rate, please feel free to email Colm at cmg@currencies.co.uk and I would be happy to help.