Today we saw a fairly flat market for Euro exchange rates against both the Pound and the Dollar, with very little market data for the Euro to feed off and everything remaining fairly quiet on the political front too.
We do however how a little more for the market to get its teeth into as the week progresses, with the U.K set to release inflation, retail sales and growth figures over the next three days, German growth figures along with manufacturing and PMI data for Europe tomorrow followed by the Federal Reserve minutes from the states later tomorrow evening.
U.K figures are being concentrated on at present by the Bank of England and each release will alter the chances of an interest rate change for the U.K. Positive figures this week may make the Pound more expensive to buy with the Euro and poor readings will be likely to make it cheaper once again.
Tomorrow morning is full of economic data from the Eurozone with German growth figures starting the ball rolling early in the morning. With Germany being the largest economy within the Eurozone these figures can have quite an impact on the value of the single currency. Later on tomorrow morning we have manufacturing and services data which will more than likely then set the scene for how the Euro will perform as the morning comes to a close.
For those with an interest in EUR/USD it will be important to keep an eye on developments in the U.S tomorrow evening where they will release the minutes from the last Federal Reserve interest rate decision. This reading does not only impact EUR/USD but also Euro exchange rates across the board as EUR/USD ios the largest traded currency pairing in the world so positive news from the U.S can weaken the Euro as you can see a large flow of money out of the Euro and into the Dollar.
What will be key from this release is the comments on any future interest rate change. The U.S has been on the charge with interest rate hikes and should there be grounds to believe another one or even two are now a certainty this year then the Dollar may get even stronger.
If you are in the position that you need to carry out a currency exchange involving Euros 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@example.com and I will be more than happy to get in touch personally.