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Where Next for EUR Exchange Rates? (Matthew Vassallo)
Following weeks of negative media coverage around Greece, it is not surprising that the EUR has suffered as a result. So much negative attention has made it nearly impossible for the single currency to make any sustained inroads into the other major currencies and despite a new deal between Greece and its creditors seemingly on the table, this negative trend has shown no signs of letting up.
I feel that investors have now lost complete confidence in Greece and their ability to repay their ever mounting debts. Despite a new deal on the table the EUR has weakened further over the past week and I feel this is due to the fact the markets are not convinced that it will have a positive effect in the longer-term. We have seen the EUR improve against GBP this morning, with the pair moving back down to 1.43 on the exchange and it may be that the EUR is finally finding some respite around the current levels.
Personally I do feel that despite a lack of confidence in Greece any positive steps will boost the EUR in the coming weeks. Eurozone economic data is stronger across the region than it has been for some time and it seems as though the recent Quantitative Easing (QE) programme is also starting to have a positive effect. If you were to remove the problems in Greece from the scenario then there is no doubt in my mind that the Pound is considerably overvalued.
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Source: http://www.eurorateforecast.com/2015/07/21/where-next-for-eur-exchange-rates-matthew-vassallo-5/
