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 the past week affecting the return on a £200,000 transfer.
|Currency Pair||% Change||Difference on £200,000|
The Euro has had a fantastic year against most major currencies so far, seeing a gain of 14 cents against the Dollar, 7 cents against the pound and 8 cents against the Australia Dollar to name but a few.
One of the key reasons behind this is the migration from USD to EUR. The Dollar has fallen out of favour in recent times and with EUR/USD being the most traded currency pairing in the world when you have times of USD weakness, more often than not you see EUR strength.
For those clients transferring money to or from Italy, Spain, Greece, Portugal or France please be wary that today is a bank holiday across these regions, so transfers may take an extra day which is something to take note of.
Although there is virtually no economic data out today in the Eurozone as the week moves on data does start to increase. Tomorrow we have GDP (Growth figures) due out at 10:00am with expectations for growth within the Eurozone to remain at a fairly solid 2.1%.
Thursday brings European inflation figures with no major surprises expected and Core CPI expected to remain at 1.2%.
The Euro is one of the most in demand currencies out there at present, not only due to the facts above surrounding the Dollar but also due to the expectation that the Eurozone is not too far away from tapering their QE program.
For some time now, the ECB (European Central bank) had been pumping 60bn Euros a month into their economy which meant that there are a lot of Euros in circulation which has actually been holding back the value of the Euro. Should the ECB taper (slow down or cut) the volume of QE they are carrying out then this will mean less Euros around which should naturally see the Euro strengthen more.
Because of this expectation the Euro is in high demand already which is why we are seeing the Pound struggle against the single currency.
For the very latest movements or an up to date exchange rate for GBP/EUR feel free to contact us today on 01494 725353 or email me here and we will be more than happy to keep you up to date with the very latest action.
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We spoke with Daniel for only a few minutes and the funds were in our Spanish Bank Account later that day at the best exchange rate one could get on the day. We would never use anyone else to transfer our funds abroad.