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Where to next for Sterling vs the Euro? (Tom Holian)
With the uncertainty of Article 50 now behind us the foreign exchange market has now turned its focus back to what is happening in both the UK and Eurozone economy.
The Eurozone posted better than expected unemployment data which fell to its lowest level in 8 years.
At the same time the UK showed a fall in manufacturing data for March at 54.2 from the expectation of 55.1 and this caused the Pound to fall from its 1 month high that we saw on Friday afternoon.
Eurozone Services is due to be published tomorrow morning and with economic data on the continent showing better results recently I think we could see further Euro strength once the data is released.
Therefore, if you’re considering selling Euros at the moment tomorrow’s data release could provide you with improved opportunities.
On Friday we have further economic data from France and Germany and more importantly the UK releases Industrial and Manufacturing Production data as well as the NIESR GDP estimate for the last 3 months.
I think the GDP data for the UK could be positive and this could see Sterling make some gains vs the single currency towards the end of the week.
If you’re unsure about what may happen to Euro rates and have to make a transfer over the next few weeks you may wish to consider buying a forward contract which allows you to fix an exchange rate for a future date.
Having worked for one of the UK’s leading currency brokers since 2003 I am confident of being able to offer you bank beating exchange rates as well as helping you with the timing of your transfer of funds.
If you have a currency transfer to make and would like to save money on exchange rates compared to using your own bank then contact me directly and I look forward to hearing from you.
Tom Holian [email protected]
Source: http://www.eurorateforecast.com/2017/04/04/where-to-next-for-sterling-vs-the-euro-tom-holian/
