This Euro report will examine the factors that could affect exchange rates in the coming weeks to help you stay informed if you need to make a currency transfer. The table below shows the difference you would have received when buying £200,000 at the high compared to the low yesterday.
|Currency Pair||% Change||Difference on £200,000|
The value of the euro has been well documented as the block continues to outperform expectations. This is a trend which has been almost continual and is a direction in sentiment that most expect to continue, not many are betting the euro will weaken in the medium term. This has had a big impact on the price of products and services priced in euros with pounds. Over the last month rates have dropped by 4% meaning £200,000 now gets almost €8,600 less, over the last 3 months its nearer 7% and €18,000.
Recently, economic data continues to support this trend. The latest growth figures confirmed that it grew at a quarterly rate of 0.6% in Q2 this year, its fastest pace in over six years, with French and Spanish hiring at their fastest pace since 2000.
On Monday we have the latest update on Industrial data from the Eurozone. It was only last week that the German carmaker, BMW, announced a 9.2% rise in pre-tax profits in Q2. As a result most expect this to show yet more gains for the block and so Euro buyers may want to avoid costs and move sooner rather than later.
Again a more defensive strategy is very popular with Euro buyers as there seems little optimism that rates will climb in the medium term. Only Euro sellers are really waiting at the moment with the potential of further gains likely.
This week we saw further news of another attack in Paris, expected to be confirmed as a terrorist attack. Terror attacks are a driver for currency markets movement and continue to be a risk for the FX market. Contact us today for information on how this impacts your situation.
France however remains the world’s most popular country for international tourists it was announced only recently. Spain and Italy are also in the top five announced by the World Tourism Organisation last week so investing in Europe remains very popular.
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 here.
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