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 GBP/EUR rates when buying £200,000:
|Currency Pair||% Change||Difference on £200,000|
The EUR performed above expectation during 2017 and as we look ahead, those clients holding the single currency will be questioning whether this trend is likely to continue over the coming months. Whilst the Eurozone's economic output was impressive for the most part last year, the Euro’s rise against Sterling was facilitated by a complete lack of investor confidence in the UK economy. This put a huge amount of pressure on the Pound, which in turn boosted the value of the EUR to levels it may have not have otherwise reached.
Yes, EUR also had an impressive year against USD but considering how low it had been trading against the Greenback previous to this, there was always likely to be some sort of recovery.
This is not to take away from the single currency's impressive performance, which has been the currency of choice for many investors over recent times. The point being that any performance of such strength, whether that be politically or even in the sporting sense, becomes a very hard act to follow.
I have no doubt that EUR will continue to perform admirably against its major currency counterparts in the short-term. However, I am not convinced we will see it gain enough support to return to the 8 year highs we saw only recently against Sterling, or continue its current aggressive upward curve against the USD.
The US economy is performing well, despite the impending “tell-all” book which could destabilise the Trump regime, and with Brexit talks starting to progress, this could help support Sterling around its current levels. Therefore those clients with a EUR currency transfer to make may wish to consider their position and remove any risk or uncertainty by locking in now, rather than gambling on future events and an increasingly unpredictable market.
For those clients looking to convert their Euro before the weekend, Services PMI data released yesterday morning came out slightly better than predicted at 56.6. This in turn boosted the single currency's value in the afternoon, despite the Pound and USD finding support earlier in the day.
Looking ahead and there is some key inflation figures out today, so anyone with a EUR requirement should be keeping a close eye on the results of these.
For more information on how future data releases could affect your Euro requirement, call our trading floor on 01494 725 353 or email me here.
Dealing with Matt is a pleasure, he makes everything very easy, whilst making you feel your money is totally secure.
Service was excellent from Matt Vassallo, speedy transaction at favourable rate.
Great service from Matt – helpful and patient! Would definitely recommend the company & will use them again in the future.
I have used Foreign Currency Direct for three years now and would definitely recommend them. Although my currency purchases tend to be smallish my contact, Matt Vassallo is always very polite and efficient. I shall continue to use them whenever I need Forex.