UK & Eurozone Data to impact Pound Euro rates this week and what about Turkey? (Tom Holian)

We are scheduled for potentially a very eventful day for anyone looking to buy Euros today with the release of a number of key economic data announcements.

We begin the morning with UK unemployment figures released at 930am which have been very promising over the last few months so another positive announcement could provide the Pound with a lift immediately following the release.

Shortly after this release the focus turns towards the Eurozone with the latest set of GDP data due out at 10am for the second quarter.

At the same time Eurozone Industrial Production data is also released and both have been positive lately so if they reach their target or shows signs of growth then this could strengthen the Euro later on this morning.

With a French bank holiday due for tomorrow the volatility today could present some good opportunities before what could arguably be one of the biggest days of the week with UK inflation data published at 930am tomorrow morning.

UK inflation has been a big reason for the Bank of England’s decision to recently raise interest rates so with 2.5% expected tomorrow, which is still well above the government’s 2% target, this could provide further evidence in support for the central bank to look at raising interest rates again and could give the Pound a boost.

Meanwhile the issue in Turkey appears to be causing some ripples across the financial markets with both the Spanish and French stock markets falling during yesterday’s trading session.

European banks have a large exposure to Turkey and if the problem is not resolved soon then this could potentially cause some problems for the Euro providing some good short term opportunities to buy Euros with Pounds.

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 for a free quote and I look forward to hearing from you.

Tom Holian [email protected]