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 the last 2 weeks affecting the GBP/EUR rate when buying £200,000:
|Currency Pair||% Change||Difference on £200,000|
The Euro started the week on the back foot following the Catalan independence vote of which the effects are yet to be fully known, however one thing is clear, this has created uncertainty within Europe and therefore impacted the strength of the Euro. Ninety percent of the 2.3 million citizens from the region turned out to cast their vote, voting for a motion of independence.
The referendum has been labelled as illegal and carries no significance or legal force, yet riot police deployed from the Spanish capital Madrid stopped thousands from voting and injured over 800 civilians, in what has been labelled as a ‘sad day for Europe’. I would expect this story to gain more coverage as the week goes on and could have a longer term effect on the Euro’s value.
Putting politics aside for a moment, yesterday's Eurozone Manufacturing Purchasers Managing Index data revealed that factories are producing at their best levels in the last six and half years. What will tempt investors more into the Euro is that in the past robust growth has only been linked to Germany and France, however recent data points to a solid performance from Holland, Italy and Spain.
The main talking point from yesterday’s strong data release will be that the strength of the Euro, which has been a concern for the European Central Bank has done little to dent Eurozone exports, whilst unemployment and growth remains to be sustained. This is likely to increase pressures on the Eurozone at the next policy meeting on the 26th, to make a positive change.
This week, the minutes from the September ECB meeting are set to be released which are likely to give a further insight into whether the tapering of the bond-buying programme will begin as soon as the 26th October. This is likely to be a volatile week for the Euro and whispers of QE programme changes could quickly help a Euro resurgence.
For more information on how future data releases could affect Euro transfers call our trading floor on 01494 725 353 or email me directly at firstname.lastname@example.org.
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