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 during trading hours on Thursday affecting Euro rates when buying £200,000:
|Currency Pair||% Change||Difference on £200,000|
We have seen positive data from the Eurozone this week from both retail sales and industrial confidence. This does bode well for the Euro and if positive data becomes consistent it could influence monetary policy going forward.
Things are not all rosy however. There are several factors that have the potential to cause substantial Euro weakness. Perhaps the most influential situation to have effect on Euro value will be the problems surrounding the formation of a German coalition. German Chancellor, Angela Merkel failed to win a majority victory at the general election and then failed to form a coalition. She has also lost favour within her party with calls for her to step down.
If she fails to form a collation on this occasion there could be a new election creating further political uncertainty which could well weaken the Euro.
There is also the Italian election on the horizon and also the Catalonian independence situation to contend with, both of which could cause problems for the Euro.
If you are a Euro seller I can appreciate the temptation to play it safe and make your transfer at current levels, despite the possibility of further Sterling weakness which could be created by Brexit talks. Historically, if you are selling Euros you are in a very strong position. Pre-Brexit you were looking at 1.42, 1.12 does not sound so bad.
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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