Now that the election saga has been officially concluded, economic data is pushing itself back onto the currency scene, which has softened buying Euro rates this morning, but there is plenty more to come today, let alone this month.
In the very early hours of this morning business confidence figures for the individual country’s that make up the Eurozone were released. All were positive, and all except Italy had seen further improvements on the month preceding it. The Eurozone is thriving at the moment with the beneficial effects of cheap credit for years and growing uncertainty in other regions driving investment into the Eurozone itself.
Traders noticed. The Euro was up against the Pound by half a cent this morning.
One area, however, which has not been enjoying a similar boost has been the retail sector. Whilst business confidence is high, this is yet to filter into the consumer base. This may take more time, and the sluggish pace for retail spending in the Eurozone economy is expected to be highlighted by retail sales figures for the month of June to be released at 10am this morning.
Expectations are for this to boost Sterling’s standing against the Euro as a country that despite high levels of uncertainty is driving itself forward through heavy spending and therefore high consumer confidence.
The rates will continue to chop and change with the release of economic data over the next few weeks. Staying abreast of these releases and the expectations around them will be key for a well timed transfer.
I strongly recommend that anyone with a Euro based currency requirement should contact me on [email protected] to discuss a strategy for your transfer aimed at maximising your currency return.
I have never had an issue beating the rates of exchange on offer elsewhere, so a brief conversation could save you significant sums of money on a prospective transfer.