Euro cheaper on PPI data
28 July, 2011
The Euro has lost ground (become cheaper) again today as Eurozone producer prices dropped 0.5% in February – leaving prices 1.8% weaker than in February last year.
This is the biggest annual drop in prices in Europe for almost 10 years, adding pressure to the European Central Bank to cut interest rates further in the coming months.
Lower interest rates tend to produce a weakening currency – so this is good news for anybody looking to send Euros to a foreign bank.
The exchange rate will struggle to improve much, however, as the Pound is dogged by one of the worst recessions in the western economies, according to analysts.
Speak to your UK currency broker to discuss any implications on your own currency requirements.
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