Exchange rates this week

Yesterday was a relatively quiet day for the market but we do have plenty of data coming up this week that could affect your currency transfer whether buying currency with sterling or bringing funds back into the UK. For anybody with a GBP/EUR or GBP/ USD requirement this is particularly the case. In my opinion the biggest data set for GBP/EUR this week will be German GDP figures due for release on Thursday, this thought is echoed by other industry specialists:

“The German GDP figure out tomorrow at 09:30 could be the key factor as to how Sterling Euro fares this week, with it being the largest economy in the Euro zone and following the problems in Greece a lower than expected figure could provide excellent buying opportunities.” Tom Higham, Director at Foreign Currency Direct

With Germany being the largest economy within the Euro zone its GDP figures will be closely scrutinised and I would expect GBP/EUR volatility following this release.

For those interested in GBP/USD US Non-farm payroll unemployment data released on Friday is viewed as a very important release for anyone following cable. USD exchange rates have been performing well recently against a number of major currencies including Sterling and the Euro and should these unemployment figures be better than expected we may see this trend continue, possibly worth holding on should you have dollars to sell.