This morning we have a flurry of economic data out for the Eurozone, with services PMI and retail sales being the most notable.
We have already seen Spanish PMI released a little lower than expectations which has weakened the Euro a little, as the morning progresses we have releases from Italy, France, Germany and the Eurozone as a whole.
Euro exchange rates are still sitting close to a 8 year high against the Pound and we have also seen the Euro gain almost 13 cents against the Dollar this year too, so the Euro really is flying high at present.
Thursday will be key for where Euro exchange rates head next, as we have the European Central Bank interest rate decision and press conference at 12:45pm and 13:30pm respectively. This release will be key, we do not expect a change in interest rates but investors and speculators alike will no doubt be watching for any movements or alterations to their QE (Quantitative Easing) program. Should they move to taper (or cut down) on QE then the Euro may strengthen further and should they put this aside once more for a later date then we may see the Euro weaken off.
Last week the ECB hinted that they may delay any tapering until December which in my view would lead to Euro weakness on Thursday. No matter what the move the press conference afterwards will be important and can cause huge swings as head of the ECB Mario Draghi will be questioned on current and future plans for the Eurozone economy.
Investors and speculators hang off of his every word so be poised for a volatile afternoon on Thursday.
Should you have Euros to exchange into any major currency then feel free to get in contact with me personally. I can help you both with maximising your rate of exchange when you come to book out your currency and by helping you put together a plan of action for the timing of the exchange too. You can contact me (Daniel Wright) by emailing firstname.lastname@example.org with a brief description of your plans and I will be more than happy to contact you personally.