Sterling Euro exchange rates have broken the 1.22 resistance level following yesterday’s ECB interest rate decision. Whilst there was no change in policy, Mario Draghi did say if inflation remained low they may have to consider intervening in June causing the Euro to fall. Next week we have German economic sentiment surveys on Tuesday, and we also have UK unemployment figures and the Bank of England Quarterly Inflation report on Wednesday (there is a chance this could boost the pound further if the news is good). However the big news will be European inflation figures on Thursday- if these are low the Euro could tumble, but if they are better than expected we could see the Euro claw back some ground. If you do have a currency transfer to make then feel free to get in touch and see what we can do for you- email Colm at [email protected] and I would be happy to help. If you are holding Euros I would be looking to get rid of them fairly soon to avoid further drops in value.
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