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Will EUR Exchange Rates Continue to Fall? (Matthew Vassallo)
With the current trend of EUR weakness showing no signs of letting up, many clients are now questioning if and when the EUR will find some much needed market support. Although the current trend will not last forever, it is difficult to pinpoint how and when the EUR may get back on track. This is in part due to the fact we are in uncharted territory, with the situation in Greece dragging down the rest of the Eurozone and with confidence in the single currency at a low, it will take more than just some positive economic data or bullish comments to turn the trend around.
This is particularly true when you look at GBP/EUR rate, which today hit 1.4348 at the low. These are some of the worst levels of the past 8 years but the situation may well get worse before it improves.
With the situation in Greece showing no signs of improving, despite the deal agreed yesterday, it is possible that investors have lost complete confidence in a recovery for Greece. With the IMF sceptical about how the deal will help either Greece or its creditors and years of harsh austerity in Greece now a given, we may find the EUR dips further before finding some level of support.
Personally I would be tempted to secure any EUR sell backs sooner rather than later and get out of what is becoming an increasingly alarming situation and even though rates continue to trade near an 8 year low, these current levels could look very attractive in a couple of months if the current trend continues.
If you have an upcoming currency requirement and would like to be kept up to date with all the latest market movements, or simply wish to compare our award winning exchange rates with your current provider, then please feel free to contact me directly on [email protected]
Source: http://www.eurorateforecast.com/2015/07/16/will-eur-exchange-rates-continue-to-fall-matthew-vassallo/
