Today will be important for GBP/EUR exchange rates as we have the release of some key data for both the U.K and Europe which will no doubt have an impact on GBP/EUR exchange rates.
First and foremost we haver U.K unemployment and average earnings figures which will be focussed on by investors, speculators and the Bank of England as economic data at present is extremely important for where we may head next with interest rates.
A drop off in economic data for the U.K has recently dampened the chances of a rate hike which in turn has led to weakness for the Pound. An interest rate hike (or the mere speculation of one) can add value to a currency as we see an increase in demand due to it being more attractive to investors.
Governor of the Bank of England Mark Carney commented at his latest interest rate decision that as long as there were no economic disasters we should see an interest rate hike soon, so a slight lift in average earnings or drop in unemployment may give Sterling exchange rates a lift this morning.
European growth figures are due out at 10:00am this morning and expectations are for the figure to remain at 0.4% for Q1 of 2018 and 2.5% growth year on year, should this be the case then this may not impact the markets too much but any deviation from this could give the Euro a fairly volatile period mid-morning. There had been concerns over growth in many areas of the Eurozone so it wouldn’t be a great surprise to see these figures revised down a little.
If you are in the position that you need to carry out a currency exchange involving buying Euros with Pounds or exchanging your Euros back into Pound then you are more than welcome to get in touch with me and I will be happy to help you personally. The brokerage I work for has been operating for 18 years now and we pride ourselves on getting clients not only the best exchange rates on the market but also offering the very highest level of customer service too.
If you would like to discuss a specific scenario or exchange with me then feel free to email me (Daniel Wright) on [email protected] and I will be more than happy to get in touch personally.