Weekly Currency News Data Highlights for Euro (EUR) Exchange Rates

August 22, 2016 - Written by Toni Johnson

STORY LINK Weekly Currency News Data Highlights for Euro (EUR) Exchange Rates

What News Will Impact Currency Exchange Rates this Week?

The week ahead brings a relatively sparse roster of tier one data sets with Friday’s US and UK Gross Domestic Product figures being the stand-out releases; however, there are a raft of tier two statistics from across the globe due for publication. How will these affect the fortunes of the world’s premier currencies?

Euro (EUR) Fluctuations Forecast with Major Eurozone Ecostats Ahead

One currency in particular - the EURO (currency : EUR) - is likely to experience pronounced price action during the remainder of the week, with significant euroland data sets due for publication every day from tomorrow until the weekend currency market shut-down.

In the near-term, the advance reading of August’s whole of eurozone Consumer Confidence survey, out tomorrow afternoon, is considered likely to shift the relative value of the shared currency. July’s counterpart result printed at a disappointing -7.9; any deterioration in this figure will hurt the euro, potentially sending the Pound Sterling euro exchange rate back up into the 1.1700s GBP EUR.

Poor PMI Results Could Send EUR/GBP Exchange Rate Lower

Although the services sector comprises a relatively smaller part of the eurozone economy than is the case for the UK, PMI Services surveys are still very closely-watched by analysts for clues on the likely next move for the shared currency. Tomorrow morning brings the publication of this month’s whole of eurozone Purchasing Manager Index survey of the euroland’s services sector and expectations are relatively high for the figure thanks to last month’s more than respectable print of 52.9. The outcome will be market-moving.

Euro to Pound, US Dollar Currency Shifts Expected to Follow GDP Report

The latter part of the week brings the release of a slew of data from the euro area’s number one economy. A continued positive performance from the single currency hinges on a healthy German economy, so Wednesday’s German Gross Domestic Product data is considered by analysts to be highly important. A showing of above last-time-round’s non-seasonally adjusted year-on-year result of 3.1% will be required in order to assuage investors’ concerns that activity levels in the powerhouse Tuetonic economy is slowing in the face of June’s Brexit decision from the UK’s voters.

Thursday’s raft of IFO surveys of the German economy and Friday’s GfK survey of German economic participants will further inform investors regarding the future performance of the euroland’s number one economy.

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TAGS: Currency Predictions Euro Forecasts Euro Pound Forecasts