GBPEUR rates have hit fresh 8 YEAR HIGH as concerns of a GREXIT return. This has been the single biggest driving factor for currency markets this year and I expect this to continue as we enter the 11th hour of their potential deal. Over the last 72 hours rates SPIKED in excess of 4 cents making a €200,000 purchase yesterday when compared to Friday almost £4,000 cheaper. Register for SPIKE NOTIFICATIONS by clicking here.
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If you have a currency transfer to make this is a topic you should certainly keep up to date with. The decision on when the best GBPEUR rate could be is a difficult question to answer with a few potentials outcomes:
If you need to transfer money I would strongly suggest reviewing your position with a currency expert here at www.currencies.co.uk, call today on 01494-725353 to talk to a specialist.
Outside of the Greek story, economic data will still have an impact. Key data watch –UK release GDP figures may give the Pound a boost around 9:30. European Unemployment is released at 10:00 and expected to show an improvement potentially making buying the EURO more expensive.
The USD has a host of economic data being released this month as we enter July. These are generally expected to show improvements which could strengthen the USD and make it more expensive to buy. Positive data will also add fuel to the fire that they will look at raising their interest rates later this year making the USD more valuable.
Consumer Confidence is released later this afternoon, Manufacturing PMI tomorrow afternoon and Non-Farm Payroll & Unemployment on Thursday.
If you have USD to buy this week it may be wise to move sooner rather than later to avoid a larger bill. Longer term Greek could impact USD value as the changing views on the likelihood of a Grexit impacts the demand for the greenback as a ‘Safe Haven’.
The NZD has been getting cheaper and cheaper over the last fortnight. GBPNZD is now over 7% cheaper compared to just 30 days and over 17% compared to April. Giving you you an extra NZD $66,000 on a £200,000 purchase when compared to 3 months ago.
The reason for this climb has been the building expectation that the Reserve Bank of New Zealand (RBNZ) will cut their interest rates again in the near future. Even commentry from the RBNZ last week highlighted that they wanted a lower currency value giving buyers this current opportunity. So if you are buying NZD’s it may be wise to buy sooner rather than later.
Key data watch – Thursday morning we see the release of their latest Commodity Prices index from ANZ bank. This is expected to show a slight improvement meaning the peak to buy NZD may be before in the next 72 hours.
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