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 the past week affecting GBPEUR rates when buying £200,000:
|Currency Pair||% Change||Difference on £200,000|
The French President will make his first Presidential visit to the UK next week, where he is expected to hold a meeting with Theresa May and discuss future relations with France.
Emmanuel Macron last week delivered a warning speech to other EU leaders calling for unity in the talks. There are concerns that individual nations will start to put their own agendas forwards as talks move onto trade with countries having a direct interest in certain aspects. It is already thought that Hungary and Ireland are keen for the UK to continue to have free trade with other nations relying on the UK for much of their export markets. At the same time Macron delivered these words a French backed initiative to stop UK funds accessing European money was underway to force UK businesses to leave and move into France.
The Euro could start to come under pressure for Sterling should trade talks be positive.
If you’re looking to sell Euros you’re currently trading at a near 6 weeks high. Anyone who is holding out for a level below 1.10 could find themselves moving further away from that level despite being close at the moment.
Considering there will be elections in Italy, coalition talks in Germany and the Catalonia situation still to be resolved there is major uncertainty hanging over the Eurozone. If there was to be unfavourable movements in any of these issues the GBP/EUR could find itself back into the mid to high teens.
Today the latest business and consumer confidence figures will be released with an optimism that the readings will remain high. Tomorrow the unemployment figures for November will be released and the non-Monetary Policy ECB meeting will take place which assesses the Eurozone’s economic conditions but actions no changes. Finally, on Thursday Industrial Production data will close the week. Considering the recent economic data strength for the Eurozone this could provide a boost for the Euro.
Considering the number of data releases this week getting in contact with your broker could make sure you’re able to trade on a movement in your favour.
For more information on how future data releases could affect your currency requirement, call our trading floor on 01494 725 353 or email me here.
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