The Euro has received an excellent boost following stronger EU Gross Domestic Product (GDP) figures released this week. The impressive data has seen a sharp spike in the value of the Euro. Germany is leading the way with impressive economic growth which is expected to continue into next year. Other EU economies including France also appear to have turned a corner and this bodes very well for Euro exchange rates going forward.
The UK GDP figures however have fallen largely as a result of uncertainty in the ongoing Brexit negotiations which is having a negative impact on economic growth in Britain.
As such the economic disparity between Britain and the EU is likely to be a major driving force for GBP EUR. Clients looking to sell Euros are in a stronger position for the moment on the back of this data when considered amidst all the political uncertainty at the moment.
The Brexit negotiations meanwhile continue to be the biggest driver for the pound against the Euro and any developments from this 2 week ultimatum given by the EU could see a shift in rates imminently. Any progress would surely see the pound rally as the door to a future trade agreement opens although the reality is that it will probably be not until December when decisions in the EU are in fact made. Clients looking to buy or sell Euros looking for new direction would be wise to get in touch at this stage to prepare for potential developments next month which could create some excellent opportunities for buyers and sellers alike.
Developments in Catalonia are also going to have a role to play for the Euro and the planned December regional elections could create additional volatility for the Euro in what is already tense period for Spain.
If you wish to discuss how these economic and political changes are having a direct impact on your personal currency transfer then please feel free to get in touch and email myself James at email@example.com