By Alex Ellis

Today has the potential to be a very busy day for the Currency Market with a number of high risk data releases due, at 10:00 am (GMT) The European Monetary Union will release the G.D.P. figures; these are seen as a clear indication of the health of the economy. Therefore a positive GDP figure will be seen as a positive for the Euro whereas a fall in GDP figures will be seen as a negative for the Euro.

The second most major release today will be the European Interest Rate decision which is due to be released at 12:45 am (GMT). The expectation is that the interest rates will be kept at current levels which are 1%. However if the European Monetary Union has a hawkish outlook of the economy and raises the interest rates this will be seen as a positive for the Euro, where as if they decide to keep interest rates at current levels or even lower the interest rates this will be seen as a negative for the Euro.

On the back of the interest rate decision will be the speech conducted by Jean Claude Trichet, this speech will outline the overall outlook of the European economy and the overall value of the Euro.

As outlined above these data releases could have a serious impact on exchange rates, and therefore will affect the amount of currency you receive when buying foreign currency. In order to stay on top of the currency market be sure to contact a currency broker.