The UK remains under pressure which has seen a short term surge in the value of the Euro, given how important the UKs contribution is to the EU, will this trend continue?
There are a lot of clients who have been waiting to sell Euros for a long period of time and their opportunity has finally arrived. Since the announcement that the U.K voted to leave the EU we have seen the Euro gain over 7% against the Pound (nearly £12,000 for a €200,000 sale).
Many are now asking me if this is a good time to consider selling their Euros and in my opinion I would be seriously tempted. We need to realise that although the U.K is now under serious pressure so will the Eurozone be in months to come.
There are other economies now considering leaving the EU and this will no doubt heap pressure on the Eurozone and indeed the Euro. I am also personally fairly sure that a lot of European problems were swept under the carpet whilst we were waiting for the referendum to take place, and that we will see more European woes as the year moves forward.
Should this be the case then we must see this as a fantastic opportunity to sell Euros for Pounds, movements in the markets like this do not happen very often and it is very easy to get greedy when the rate has moved in your favour. I see clients time and time again hold out for that little bit more only to end up securing a rate a few weeks later that is nowhere near what they were offered so sometimes taking what is in front of you and moving on is the best course of action.
Despite all of the volatility and uncertainty head of the European Central Bank Mario Draghi appeared calm yesterday when speaking about what we may see post referendum.
He spoke a lot about maintaining stability and did not appear too concerned about the issues this may now give the ECB going forward. I would be fairly surprised if he isn’t fairly concerned about the European market in the coming months and I would keep a keen eye on any future Draghi speech’s as he is known to drop the odd surprise into his discussions so watch this space.
Those looking to sell Euros for Pound can currently enjoy a rate not seen for over 2 years, you may want to make the most of this opportunity. Call us today on 01494 725 353 or email me here for a quote.
I have used Foreign currency direct on two occasions, both were stressful times for me but Daniel and staff were wonderful. Every step was explained and all queries answered fully and swiftly. I would not hesitate to recommend to anyone for an excellent service.
I decided to use this company after reading many blogs by Daniel Wright on the forecast of Sterling. He always seemed to get his predictions right and also seemed to have not only very good knowledge but a passion for the industry he is in. Daniel was not only informative but patient and gave us options on the lead up to our currency exchange.
I only have praise for the way this company make the stressful experience of Forex a simple process. Difficult to be specific but there is always the personal touch. Recently, with the BREXIT hysteria the dealers must have been very busy but Daniel Wright was always available or never failed to ring me when requested.
A totally reliable and trustworthy service. I have used them on three occasions now and my money has always come over on the agreed date at the agreed rate. Daniel Wright is a pleasure to deal with -patient, personable and professional.