This Euro report will examine the factors that could affect exchange rates this week in order to help you stay informed if you need to make a currency transfer. The table below shows the difference you would have received when buying £200,000 at the high compared to the low during the past 30 days.
|Currency Pair||% Change||Difference on £200,000|
The Euro is now trading at its best level in 4 weeks vs the Pound as the issue of Brexit continues to weigh heavily on the UK and therefore Sterling. Theresa May is in Brussels attempting to take things forward with the issue of citizens’ rights post-Brexit. The European Summit continues during today and the 27 leaders involved will consider how things have been going so far with the Brexit talks. The UK will not be present at that particular meeting and the general feeling is that the EU will conclude that there has been ‘insufficient progress.’ Since the triggering of Article 50 earlier this year the Euro has strengthened vs the Pound whilst the uncertainty continues. Therefore, I think if the conclusion is as many expect I think we could see further Euro strength against the Pound towards the end of today’s trading session.
European Council President Donald Tusk has claimed that there will be no breakthrough but he did hint that things could get better when the next meeting takes place in December.
There is still uncertainty as to what is happening with citizens’ rights, the border in Ireland and the ‘divorce bill’. According to many the payment that the UK will have to pay whenever that may be could be the trigger before negotiations can really progress. Until then I think the Euro will remain with the upper hand vs the Pound.
The Euro has not yet felt any negative effects from the recent independence issue between Catalonia and Spain. As of Saturday Spain is likely to trigger Article 155 of the Spanish constitution which means that the government will be able to take control over the region.
The problem this causes is that the region is becoming hugely unsettled and there is clearly a voice that wants to be heard. The Catalan leader Carles Puigdemont faces a real battle and we could see many of the senior security officials removed from power in the region.
Spain is certainly flexing its muscles at the moment and I think if things sort themselves out we could see the Euro strengthen as it shows unity. However, if political tensions continue to rumble on we could see problems for the single currency.
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.
Tom Holian was so very helpful to us. Neither of us have used this sort of service before and Tom made it painless and, importantly, gave us confidence in the service and his assistance. Tom is a great person for your organisation.
The service was brilliant from start to finish, I was advised on a daily basis as we were transferring a large amount of Euro to Sterling, this enabled us to make the exchange at the best rate. We would not hesitate to recommend Foreign Currency Direct and especially Tom.
I have used Foreign Currencies Direct services for a number of years now and always impressed with the ease and speed of making international transfers in various currencies with them. Many thanks to Tom Holian.
Very pleased with the personal response from Tom and patience with my lack of experience. The transaction was completed in good time.