The Euro has been performing well in 2018 and this trend looks set to continue as we get further news of economic strength. Yesterday Eurozone GDP (Gross Domestic Product) was confirmed at 2.6% for the year and 0.6% for the quarter. This is outperforming the UK and almost the United States! Germany, the Eurozone’s largest economy outperformed the expectations with the figures coming in at 0.1% above the prediction.
If you have a transfer to make in the coming weeks then understanding the movements on the Euro is key to getting the best rates of exchange. If you need to buy Euros and are hoping for the rates suddenly weaken it is important to understand what is realistic. Part of our service is to offer detailed analysis of the market and information to help you with any timing or planning of any currency exchanges.
The Euro is not immune from challenges to its strength with the Italian election two weeks on Sunday. This could be a major market event that would see some big swings in the currency market, possibly creating some unexpected opportunities. However, placing too much reliance on this could be dangerous, if the Italian election passes off like the French, German and Catalan, there may not be too much market reaction.
Clients looking to buy Euros with pounds or dollars should also be concerned with what is happening to those currencies. Both are gently being supported by the prospect of future interest rate hikes, both are also at risk of sudden shocks. The pound from Brexit and the US dollar over concerns over the direction of the US economy.
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