Getting the best Euro exchange rate can be helped by understanding what is driving EUR rates. Below are movements in the last week affecting GBP/EUR rates when buying £200,000:
|Currency Pair||% Change||Difference on £200,000|
The latest Greece bailout talks have, like many before them reached a snagging point. The International Monetary Fund are once again suggesting that a chunk of the Greek debt should be written off as it will never be paid back. However the creditors unsurprisingly do not agree.
Late on Monday night the 19 Eurozone finance ministers couldn’t come to an agreement and another crisis potentially looms. The Greek’s owe €7.3bn in July to pay off maturing loans, needing to borrow the latest bailout to fulfil the debt. Despite last month agreeing to hike taxes and raid pensions, the lack of agreement could once again make for nervy Euro times.
With political events seemingly calm within the rest of the Eurozone, economically things are starting to improve.
Yesterday, Major European PMI (Purchasing Managers Index) data all pointed to accelerated growth within the Eurozone. Both France and Germany exceeded expectations yesterday, with the German economy proving that the strength of their economy is very much increasing.
Recent skeptics have suggested that the recent Germany figures have been blips; however data yesterday helped German IFO data (business climate conditions) a level not seen since July 2011.
With a speech due from Mario Draghi, President of the European Central Bank due today – analysts are expecting a slightly more bullish tone from Draghi following recent political risks ending and major European Data beating expectations. If this is the case, we may see further short term strength for the Euro.
If you’re a Euro seller and have been waiting for a drop in the market there is currently a great window of opportunity. In the last 2 weeks a well-timed transfer of €200,000 into Sterling would have helped you save over £5600. Get in contact with your broker to help time your transfer.
Thank you for reading my Euro currency report, if you have any questions about Euro exchange rates I would be more than happy to discuss them – you can contact me with any queries at firstname.lastname@example.org.
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