Euro Exchange Rates Could be Set for Volatile Period over Catalonia Independence Announcement Expected
The Euro is likely to see volatility after it was announced that Catalonia will declare independence from Spain over the weekend or possibly at the beginning of next week. The last overseas votes from the referendum last weekend still need to be counted. Any instability in the region could see problems for the Euro but it is difficult to see exactly how this will play out considering the strong rhetoric from both sides of the argument.
The pound has fallen from its recent high against the Euro after a couple of disappointing UK data releases this week have hindered sterling exchange rates. UK Purchasing Managers Index numbers from the manufacturing and construction sectors arrived weaker than expected seeing some volatility for sterling Euro. Clients looking to sell Euros could see some better opportunities around the corner if there is a consensus that the UK economy could be facing tougher times ahead with a potential slowdown around the corner. The lack of “sufficient progress” in the Brexit negotiations which is hampering a discussion on a future trade deal between Britain and the EU is also likely to contribute to further sterling weakness in the weeks ahead.
GBP EUR has now fallen to a low of 1.1260 this morning and the markets now await the PMI data this time for the services sector which could see new direction for this pair.
The Euro meanwhile is still performing well on a recent wave of better economic data and now that the dust has settled after the German election which now requires three political parties to form a government together.
If you would like further information on sterling or Euro exchange rates or any of the major currencies and to discuss how we can assist then please feel free to contact me on 0044 1494 787 478 and ask one of the team for James. Alternatively, I can be emailed directly on [email protected]
Source: http://www.eurorateforecast.com/2017/10/04/euro-exchange-rates-could-be-set-for-volatile-period-over-catalonia-independence-announcement-expected/
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