Getting the best exchange rate can be achieved by understanding what is driving rates, along with the assistance of a specialist currency broker. Below are movements in just a month affecting Euro rates when buying £200,000 yesterday:
|Currency Pair||% Change||Difference on £200,000|
European Council President Donald Tusk yesterday delivered a speech before the latest EU Summit suggesting the UK could still stay in the EU. All 27 members of the European Union Leaders will meet tomorrow to discuss their position on different Brexit topics. The main agenda today is thought to be the relocation of the EU agencies for Medicine and Banking which are currently located in London. Yesterday Theresa May was believed to have raised the issue of the rights of the 3 million EU citizens currently living in the UK and for vice versa for any expats living in the EU. Any clients reading this in hope of one day completing that dream move overseas have been given hope that this is a top priority in negotiations.
Angela Merkel also spoke yesterday however was slightly more negative about the UK’s prospects as she emphasised the EU’s future would be put first ahead of the UK. Whilst this is unsurprising to hear from the German Chancellor, it does seem that every piece of good commentary for the UK is followed by something negative. With this in mind, being in contact with a broker here to capitalise on any short term gains in my opinion is a great option for any clients buying Euros at present.
With ongoing negotiations and political leaders speaking as often and freely as we are currently experiencing there is always room for major volatility. If there was to be some breaking news from the talks and certainty starts to creep in, then there is a very real prospect the GBP/EUR rate could start to creep up once more.
Earlier this week Mark Carney shot down claims that an interest rate hike could be imminent in the UK, but this wasn’t before the market could get excited and deliver a one cent gain for Sterling. With this logic in mind, it might not be long before the under pressure Sterling starts to recover some of the recent losses.
If you do have an upcoming requirement being in contact with your broker could make sure you’re trading at the right time. Setting rate alerts could make sure you’re notified if the market moves in your favour and even if the rates are only at the desired level for a few moments you will be able to capitalise on it.
Thank you for reading my Euro currency report, if you have any questions an upcoming transfer I would be glad to respond personally, feel free to get in touch here.
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