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Will the EUR’s Value Increase? (Matthew Vassallo)
The EUR has lost some ground during Tuesday’s trading, following a strong run yesterday against both GBP and the USD. The EUR made significant gains against GBP during Monday’s trading, with the pair moving below 1.40 at the high. This move meant the EUR had improved by over 4 cents from the low of last week, providing EUR sellers with a much needed window of opportunity following weeks of watching the single currency lose value.
Poor UK Retail Sales figures knocked the Pound towards the end of last week and this momentum carried into Monday but better than expected UK Gross Domestic Product (GDP) figures this morning have helped the Pound recover some ground, with GBP/EUR moving back above 1.41. This is another example of how fragile the EUR is and despite the improvements mentioned I cannot foresee a major improvement under current market conditions. Whilst I do feel Sterling will struggle to break through the highs of last week I would be tempted to take advantage of this short-term spike and not gamble on the EUR gaining any sustainable value.
Looking ahead and we have Consumer confidence figures for Eurozone released on Thursday and the latest inflation data and unemployment rate of Friday, so bothy of these are likely to cause additional volatility on EUR exchange rates.
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/2015/07/28/will-the-eurs-value-increase-matthew-vassallo/
