Sterling Euro exchange rates have hit their lowest level to buy Euros in five months as the Euro gains strength following on from Mario Draghi’s comments made yesterday.
It appears as though Quantitative Easing will not be used as a tool in monetary policy, at least for the time being, which is one of the big factors in how the Euro has performed this week.
The next big event for the currency markets will take place tomorrow afternoon with the release of US GDP data due out.
The expectations are for 3.7% year on year so any change could cause a huge amount of volatility.
With the US economy having been performing very well during 2015 there have been hints of an interest rate rise but as yet this has not been forthcoming.
Therefore, if the GDP figures are strong this could see Dollar strength and Euro weakness leading to the Pound gaining back some of its losses tomorrow afternoon vs the single currency.
If you have a currency transfer to make and want to save money on exchange rates compared to using your own bank then contact me directly for a free quote. Tom Holian [email protected]