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:
|Currency Pair||% Change||Difference on £200,000|
Much of this week’s focus has centred on Catalonia and whether or not the Spanish state would look to declare independence from Spain.
We all saw the terrible scenes in the media, which showed clashes between Catalonia nationals and the Guardia Seville. Regardless of political or personal opinion on the matter, it was upsetting to see such a fall-out and despite the EUR not yet being directly affected, the longer-term repercussions could be severe.
Last night Catalan President Carles Puigdemont and other regional leaders signed a declaration of independence from Spain. This went ahead despite many remaining unsure as to the legalities of the vote and as such this debate is likely to rumble on.
Another twist came, as despite the declaration, the motion has been put on hold for “several weeks” to allow continued talks with the government in Madrid to take place.
After last night’s vote was announced, reports surfaced that the Spanish government had immediately dismissed the result, news which helped to stabilise the EUR and curb any heavy losses.
Despite Sterling gaining in the immediate aftermath of the announcement by the Catalonian President, no significant impact was seen on GBP/EUR exchange rates. In fact, this morning the EUR has even made some inroads against both GBP and the USD, a clear sign that the markets feel that the motion may never actually be implemented.
There was further violence last night, with clashes between rival fractions and it must be remembered that not Catalonia residents want to break away from Spain.
How this story develops will likely have an impact on the EUR value, with investors likely to shy away from the single currency should the current uncertainty continue and the region becomes even more destabilised.
Personally, I would be removing any market risk and selling my EUR position whilst rates remain, at what are historically very attractive levels.
Thank you for reading my Euro currency report, if you have any questions about an upcoming transfer 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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