Getting the best exchange rate can be achieved by understanding what is driving rates and the service of a specialist currency broker. Below are movements in just a month affecting Pound Sterling rates when buying £200,000 during the high and low points of the past 30 days:
|Currency Pair||% Change||Difference on £200,000|
German Chancellor Angela Merkel has made a complete U turn in recent days as her Christian Democratic party have agreed to form a grand coalition with the Social democrats following a breakdown in talks with the smaller parties. Over the last 4 years the Christian Democrats have teamed with the Social democrats to form a government and up until now both parties have stated they would not form a government again as their policies don’t align. However it appears that both parties believe a grand coalition is a far better option than another general election. Yesterday morning deputy chairwoman Julia Klockner announced that negotiations are unlikely to begin until 2018 as they want to get the SPD conference in December out of the way first.
The announcement that Angela Merkel should be able to form a Government in the upcoming months is good news for Europe and euro exchange rates.
With everything that is going on with Brexit, the EU need the powerhouse of Europe and Chancellor Angela Merkel focused on the UK and EU transition.
Political events within Europe and the UK continue to drive GBPEUR exchange rates however it is important to analyse economic data if you have an upcoming currency transfer in the short term. The key releases to look out for this week are German Harmonised Index of Consumer Prices released Wednesday afternoon 1pm, German Unemployment Thursday morning 9am and Eurozone Consumer Price Index released at 10am.
Both of the inflation numbers are set to show a slight improvement. As the ECB cut the quantitative easing program to €30bn from €60bn a few months ago, these releases will be watched closely by investors. If we see a rise I expect the euro to have a positive finish to the week, providing opportunity for clients selling euros to buy pounds.
Thank you for reading my Euro currency report, if you have any questions about Euro exchange rates I would be more than happy to discuss them – you can contact me with any queries on 01494 725 353 or email me here.
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