The Euro has once again proved its resilience with a move higher this week against both the US dollar and the pound after strong economic growth data. Whilst showing 0.6% improvement for the quarter, the year on year figures showed 2.5% improvement versus the 2.3% of the US and meagre 1.5% for the UK. With political concerns over the Catalan region sidestepped for now the path for further Euro strength seems fairly clear and clients buying and selling Euros should be aware of the pending implications from any movements.
The Euro has been one of the better performing currencies in 2017 as it shrugs off political and economic concerns. The spread of populism as witnessed by Trump and Brexit failed to take power in the Eurozone and defying its critics the Eurozone economy has gone from strength to strength growing fast and employing more people.
This is all in contrast to the UK which with Brexit has triggered some real uncertainty over the future economic outlook for the UK. Investors are scared and have avoided sterling, a trend which seems likely to continue until Brexit is clearer or resolved. The US is beholden to Donald Trump who had initially improved confidence in the US dollar on his promises. However through no real fault of his own much of the previous faith has been sapped which has seen the US dollar lower.
If you are looking to buy or sell the Euro the more immediate outlook is further Euro strength but ultimately the longer term outlook will be subject to many conflicting factors. If you have a transfer to make in the future and wish to learn the latest news and trends on the Euro please do not hesitate to get in touch with us to discuss the best rates and strategy for your transfer.
To learn more please contact me Jonathan Watson by emailing email@example.com.