This Euro update looks at the factors that could effect the rate of exchange for your currency transfer in the short term. The below table shows the difference in Euros you would have achieved when buying £200,000 yesterday.
|Currency Pair||% Change||Difference on £200,000|
The Euro may look set to come under considerable pressure once again as the problems with the Spanish banking system resurface. Banco Popular with its €37 billion of debt was sold for €1 last week to Santander after there was a run on the bank by savers. It was reported that savers were taking €2 billion out per day hence the needed rescue.
Already another Spanish bank Liberbank is also reported to be having problems and other examples are expected to be seen going forward. Those clients who are holding Euros in Spanish banks who wish to bring them back to Blighty would be wise to consider their options. Rates are incredibly attractive for selling Euros after the British election uncertainty and there is a great opportunity to convert back into pounds which may not be around for too much longer once the dust settles.
In a sign of how tricky the Brexit negotiations will be for both the UK and EU27 the mood could be changing on the continent. The prospect of delays and additional political uncertainty in the UK could be pushing some EU leaders to take a slightly softer stance.
Angela Merkel was reported to have said “We say that we want to remain a good partner to Britain. Britain is part of Europe, even if it will no longer be part of the European Union”Meanwhile Chief negotiation Michel Barnier said over the weekend “Let’s put our minds on striking a deal”.
EU data is fairly light this week although a ZEW economic sentiment survey this morning should highlight how optimistic investors are for the EU economic outlook. Industrial production numbers tomorrow are expected to show an improvement on the month which could lend a degree of support to the Euro.
For more information on how your transfer of Euros could be affected by future data releases, call our trading floor on 01494 725 353 or email me here.
James and his colleagues are always courteous and helpful. I have also never been able to find rates of exchange that are more competitive. I am particularly impressed with the service, as I am not in the habit of transferring massive amounts!
As always a really quick and easy transaction. James is very knowledgeable and helpful. Great rates.
Always helpful and they always give rates at the very top of the range. Quick transfers to our french bank account – highly recommended. Well done James Lovick 😉