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Weekly roundup: Euro boosted by third quarter German and French GDP

currency-newsWeekly roundup: Euro boosted by third quarter German and French GDP
Upward revisions to the third quarter German and French GDP readings encouraged the euro to find fresh support last week.
Evidence that the Eurozone’s two largest economies performed better than anticipated in the third quarter helped to ease anxiety over the fourth quarter outlook, at least temporarily.
A stronger third quarter could limit the impact of any fourth quarter growth contraction, even if the currency union experiences a double-dip recession.
Even so, with the European Central Bank (ECB) maintaining a dovish policy outlook, this limited the potential for EUR exchange rate gains.
If November’s Eurozone consumer price index shows another negative inflation reading, this could see the single currency fall out of favour this week.
As long as inflation continues to trail far below the ECB’s 2% target, the case for greater monetary loosening measures looks set to increase, adding to the likely size of a December policy move.
However, a monthly rebound in German retail sales figures for October may help to limit any EUR exchange rate downside in the short term.
Philip McHugh

Philip McHugh

Joining the corporate trading desk in 2007, Phil now over sees all of Currencies Direct’s corporate dealing activity. Having gained experience working with hundreds of businesses to optimise international payments processes and execute comprehensive risk management strategies, Phil currently works with a portfolio of corporate clients whilst managing Currencies Direct’s overall market exposure

Phil has FCA approval and has completed the Certificate in International Treasury Management (CertiTM)

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