German chancellor Angela Merkel has today announced that we aims to step down from her position in 2021. her political party the CDU have had fairly poor results in recent years and this may well have led to the decision to take a step back.
Having held the position of German Chancellor since 2005 and been leader of the centre-right Christian Democratic Union since 2000 this really is big news politically for the largest economy within the Eurozone and Euro exchange rates weakened, albeit only slightly when the news had been released earlier today.
Although there is no immediate political uncertainty this will no doubt brew some uncertainty as we edge closer to her leaving her position, German politics has thrown up a little uncertainty for the Euro in recent months and this will not help that situation.
We do have some fairly important European economic data out over the course of this wee and there are two releases that are most notable to look out for.
Tomorrow morning we have a flurry of economic growth figures for a number of economies within the Eurozone finished off at 10:00am GMT with Eurozone growth figures as a whole. Expectations are for a slight drop in growth for the Eurozone economy and should figures match this then the Euro may weaken slightly tomorrow as a result.
Thursday is a bank holiday throughout some of Europe for All Saints day and then as we enter Friday all eyes will be on manufacturing figures from the Eurozone released over the course of the morning.
In my opinion I still would not be surprised to see the Euro have slight drop off in the coming weeks, however those that have Euros to buy with Pounds or even Pounds to buy with Euros must be wary of Brexit news as that could have a big impact on the value of the Pound too, and that is totally unpredictable at present!
If you would like to speak with me regarding a potential currency exchange that you have coming up then you are more than welcome to get in touch with me directly. You can email me (Daniel Wright) on email@example.com with a brief description of what you are looking to do and I will be more than happy to contact you personally.