With the currency markets moving every two seconds, it can be vitally important to be aware of what is driving the currencies in or out of your favour. The below table shows the difference in Euros you would have achieved when buying £200,000 over the past 30 days.
|Currency Pair||% Change||Difference on £200,000|
Michael Barnier the EU’s leading Brexit negotiator exclaimed yesterday that there are major differences between the EU and UK on the rights of EU citizens living in Britain. Mr Barnier stated ‘we want EU citizens in Britain to have the same rights as British citizens who live in the EU’. Reports are suggesting the UK’s offer would mean the UK could change their laws in years to come and restrictions would be put in place to stop reuniting families across borders.
Looking further ahead, as Barnier has made it clear that EU citizens’ rights have to be secured before any negotiations can begin in regards to a UK-EU trade deal, I expect the pound to remain under pressure against the Euro and central exchange rates to fluctuate in the mid to lower teens as long as no unforeseen events take place.
Over the last 48 hours of trading GBPEUR exchange rates have fluctuated between 1.1338 and 1.1177. To put this into monetary terms for our buyers and sellers, a £200,000 conversion into euros timed correctly could have achieved our clients €3,220 more where as a €200,000 sale into sterling could have achieved our clients an extra £2,500.
No currency trader has a crystal ball and can tell you exactly what is going to happen with exchange rates however with an average tenure of 7 years, our experienced trading team can provide you with the upcoming events that will impact exchange rates which will help your decision process moving forward.
Today Germany, France and Spain all release their latest Consumer Price index numbers. The three countries have a major impact on monetary policy decision that the European central bank have to make. Speculation has risen in recent weeks that the ECB will taper their Q.E program in the upcoming months and potentially increase interest rates. For this to occur the figures released today need to impress.
Thank you for reading my Euro currency report, if you have any questions about an upcoming exchange I would be more than happy to discuss them – you can contact me with any queries here.
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