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Posted July 2nd, 2015 by Charles Purdy

Greece, Greece, Greece, Greece, Greece

Wednesday was a difficult day for the euro as it fell lower against the major currencies; this was despite the European equity markets actually increasing due to fresh hopes for a deal between Greece and its international creditors. The general market was boosted after Greek Prime Minister Alexis Tsipras sent new proposals as part of a request for a third bailout; this indicated that he was prepared to accept the majority of spending cuts demanded by the European Central Bank (ECB), International Monetary Fund (IMF), and the rest of Greece’s creditors. Angela Merkel did announce that there will be no further negotiations until after Sunday’s referendum so we have to await the results of the referendum.

Today we have Producer price index out at 10am, but all the focus is expected to remain on Greece.

If you are looking to buy or sell euros, we suggest contacting your trader now for live rates, news and currency-purchasing strategies.

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Posted June 12th, 2015 by Charles Purdy

Euro hurt by Greek debt uncertainty

Over the course of the week the euro has been steady against sterling and has gained ground against the US dollar but it has been a week very much of two halves.

Yesterday the euro weakened against the US dollar and sterling after US retail sales data came in slightly better than forecast. It was also weakened by the deadlock that seems to have been reached in Greece’s debt negotiations as the International Monetary Fund withdrew its negotiating team. This is in complete contrast to the start of the week where the messages, especially form Greece, were a lot more positive. Hence the week of two halves.

Today we have industrial production figures from the Eurozone, forecast to improve on last month’s figure from -0.3% to 0.3%. Other than that we have the Wholesale Price Index from German which likely to have a smaller impact on the markets as well as inflation data from Spain. Plus the on-going updates on Greece’s stalled negotiations.

If you are looking to buy or sell euros, we suggest contacting your trader now for live rates, news and currency-purchasing strategies.

Posted April 21st, 2015 by Charles Purdy

Euro has a steady start to the week

There was a fairly muted performance from the euro on Monday, but generally the currency weakened thanks to a continued lack of agreement on the economic reforms for bailout funds between Greece and its creditors. It certainly looks as though Greece is no closer to reaching an agreement with the rest of the eurozone and the International Monetary Fund (IMF) over reforms of the bailout funds, which creates a real fear that Greece could be forced out of the euro zone.

Producer Price Index data from Germany was released on Monday morning, coming out marginally worse at 0.1% – but the impact of this was very limited. Today there is more important data from Germany with the release of Germany’s ZEW business confidence data. An improvement to 55.5, compared to 54.8, is forecast as the German economy continues to be one of the key beneficiaries of a weak euro, reduced energy costs and the Eurozone quantitative easing programme.

If you are looking to buy or sell euros, we suggest contacting your trader now for live rates, news and currency-purchasing strategies.

Posted April 7th, 2015 by Charles Purdy

Euro still “controlled” by the Greek debt problem

Greece and its debt problems continue to be the centre of attention. On the whole the rhetoric is positive but until all is agreed it is very difficult to predict the actual outcome. Otherwise the euro enjoyed a steady week last week with no major movements.

Today we have the release of the March Eurozone Purchasing Managers Index for the Service Sector which is expected to hold steady. Similar to the UK we then have a raft of data covering output for industry and manufacturing for the Eurozone released towards the end of the week. If the Greek debt problem doesn’t blow we could see some confidence return to the Eurozone economy and possibly the euro.

If you are looking to buy or sell euros, we suggest contacting your trader now for live rates, news and currency-purchasing strategies.

Posted April 1st, 2015 by Charles Purdy

Euro under pressure as Greek debt talks drag on

Although inflation data for the Eurozone was better than expected, deflation is still in play as the figure came in as expected at -0.1%. This, coupled with Greek Prime Minister Alexis Tspiras’s declaration that Greece’s debts need to be restructured, has seen the euro have its worst day for nearly a month against sterling, and falling further against the Dollar. The one ray of sunshine was that unemployment in the Eurozone has fallen to its lowest level since May 2012.

For the rest of the week there should be very little important data out for the Euro, barring manufacturing data released Wednesday. Therefore, the more influential manufacturing data releases from the UK and US may well have more effect on the Euro’s movement. If these are to show industry expansion as expected then it could undermine the euro.

If you are looking to buy or sell euros, we suggest contacting your trader now for live rates, news and currency-purchasing strategies.

Posted February 24th, 2015 by Charles Purdy

The Euro continues to struggle

On Monday, the euro was weak against the other major currencies as concerns over the conditions of Greece’s bailout extension kept investors nervous – despite the big news on Friday that the euro zone had approved the extension of Greece’s €240 billion bailout, removing, hopefully, the possibility that Greece would go bankrupt when its current bailout agreement expires on February 28th.

Europe’s biggest country, Germany, had some positive news with the business confidence survey release which rose for the fourth time in as many months. However, the 106.7 figure was below the forecasted 107.7, although a slight improvement on January’s 106.7, which helped to undermine the euro. Today we have more data for Germany, growth data which is forecast to be 1.6%, and for Europe as a whole, we have the Consumer Price Index, which is forecast to have fallen further to -0.6%. Deflation seems to be well entrenched in the Eurozone.

If you are looking to buy or sell euros, we suggest contacting your trader now for live rates, news and currency-purchasing strategies.

Posted February 13th, 2015 by Charles Purdy

Sterling on the whole has a good week

A positive week overall for sterling which also saw it reach fresh 7-year highs against the euro, although at the time of writing this note we seem to be close to where we started the week against the euro. Highlights the importance of timing yet again. Against the US dollar sterling held steady – until Thursday when it made significant gains.

With little economic data released at the start of the week, sterling traded within narrow bounds against the US dollar and investors seemed unwilling to act in advance of the Bank of England (BoE)’s inflation report later in the week. Performance against the euro was more positive, and sterling reached multi-year highs on a number of occasions throughout the week, as Eurozone finance ministers failed to reach a deal to renegotiate Greek debt. Thursday proved to be the best day for sterling, with the BoE’s inflation report revealing increased growth forecasts for both 2016 and 2017. Despite the announcement that inflation is likely to weaken in the short-term, this was attributed to falling oil and energy prices, and inflation is expected to rise again to 2% in the not too distant future. With the BoE hinting that interest rates could rise early in 2016, sterling benefitted.

A quiet day for UK and international economic data lies ahead, although given other world event such as the Greek debt crisis and the conflict in Ukraine this doesn’t necessarily equate to a quiet day in the currency markets

If you are looking to buy or sell sterling, we suggest contacting your trader now for live rates, news and currency-purchasing strategies.

Posted January 30th, 2015 by Charles Purdy

Euro, to the surprise of many, holds its own

It has been surprisingly a quiet week for the multi-nation currency, with limited data out this week. Monday saw the start of the ECOFIN meetings, which is a meeting involving the Finance Ministers of the Eurozone. Topics were mainly focused on the Greek election result and Russian sanctions. Greek election results were also released Monday which showed the newly elected Syriza party take power, by forming a coalition with the Greek Independents, another anti-austerity party.

The opening of the Greek elections had resulted in slight weakness for the euro. However, this quickly turned to strength as the newly elected Syriza party confirmed their wish to stay in the euro and Eurozone. Their main aim is to re-negotiate their current austerity measures and package with the International Monetary Fund (IMF) and Eurozone; negotiations started on Thursday.

There were minimal data releases this week. We saw German consumer indication data which showed a slight increase on the previous month. German inflation suffered the same fate as EU inflation, continuing to drop and is now the lowest inflation rate this century for Germany. This can be attributed to the fall in oil prices and food prices, as well as the lack of growth in the Eurozone economy. German unemployment remained a positive figure with a drop in unemployment levels.

Today we will see a few key data releases with German retail sales, French consumer spending and Spanish inflation as well as growth data. The main data release will be the Eurozone initial inflation figure, which is predicted, yet again, to be below the previous month’s.

If you are looking to buy or sell euros, we suggest contacting your trader now for live rates, news and currency-purchasing strategies.

Posted January 27th, 2015 by Charles Purdy

The Euro has a “day in the sun”

The euro hit fresh lows on Sunday night as the results of the Greek election became known. Throughout Monday though the euro strengthened as the Greeks reiterated their desire to stay in the Eurozone and it also received a boost from Germany’s IFO business survey, which was positive as expected, moving up to 106.7, up from last month’s figure of 105.5.

However, a positive winning streak for the single currency looks limited with the big news last week around quantitative easing from the European Central Bank (ECB). Further downside risk also seems likely with Greece’s political uncertainty and whether Athens will remain committed to the re-negotiation of the bailout. If Greece manage to re-negotiate (again), this will create further instability as anti-austerity parties in Spain and Italy will be keeping a close eye on the situation.

With very little data out today the markets will be keeping a close eye on the political rhetoric and on events elsewhere.

If you are looking to buy or sell euros, we suggest contacting your trader now for live rates, news and currency-purchasing strategies.

Posted January 19th, 2015 by Charles Purdy

Euro under pressure

The euro and the Eurozone are under pressure. Last week turned out to be one of the worst weeks in years for the euro, particularly against the US dollar as it hit 11-year lows and against sterling as it 7-year lows. And this week is likely to increase the uncertainty and pressure given the various key events and releases that are happening.

The situation worsened with downbeat Eurozone inflation data, causing further expectations that the European Central Bank (ECB) will announce additional stimulus measures in its upcoming policy statement on Thursday. It would seem now that the ECB is left with no choice but to implement quantitative easing on a large scale with the central bank expected to pump €500 billion to €1 trillion into the Eurozone economy. The only doubts that it will happen are due to Germanys extreme resistance to this programme and their unwillingness to underwrite the debts of the whole of the Eurozone.

Additional key data releases are as follows. This Tuesday sees the release of ZEW business confidence from Germany, forecast to increase from last month’s figure of 10 to 15. The Eurozone will also make this month’s interest rate announcement on Thursday; the rate is currently standing at 0.05%, but given the way that the Euro is heading we could be looking at another interest rate cut for the single currency. We also have a raft of Purchasing Managers Indices for the Eurozone and some of its member states on Thursday which, on the whole, are expected to be show most Eurozone economies growing which would be helpful.

And then we have the first stage of the Greek election over next weekend which adds another level of uncertainty and instability to the euro.

If you are looking to buy or sell euros, we suggest contacting your trader now for live rates, news and currency-purchasing strategies.

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