With the currency markets moving every two seconds, it can be vitally important to be aware of what is driving the currencies in or out of your favour. The table below shows the difference in Euros you would have achieved when buying £200,000.00 during the high and low points of the past week.
|Currency Pair||% Change||Difference on £200,000|
Yesterday, head of the European Central Bank Mario Draghi held his latest press conference and this led to the Euro clawing back ground against Sterling and hitting the highest level to sell Euros and buy Dollars since 2014. Some of the key points of note from his initial speech were that he did not target exchange rates, meaning that the recent comments on concerns that the Euro was too strong from other members of the ECB were not something he was concerned about moving to resolve with a change in fiscal policy. He also noted that economic data currently points to solid Eurozone growth and that he felt inflation would still naturally head towards the 2% target.
All in all Draghi’s speech and answers to questions following it gave the Euro a little strength back against the Pound and most other major currencies, as although he didn’t announce any sweeping changes, he certainly didn’t suggest that he would be making a move to attempt to weaken the Euro anytime soon, which there had been concerns about earlier in the week.
This once again shows that if you want the very best rates of exchange you need to be prepared and in the position to act fast if an opportunity arises. It is key to let your broker here know of any transaction you are planning to do and we will log your requirement and ensure we get in touch to let you know of any opportunity. Not doing this can lead to missing the boat, as the markets move by the second and even waiting from one day to the next can make the difference of hundreds if not thousands of Pounds to you.
We have very little in terms of economic data due out from the Eurozone today, but I would still expect Draghi’s comments to have a further impact as they filter through the market. One point of note too is the world economic forum in Davos.
With Donald Trump due to speak this may cause Dollar volatility, and with EUR/USD being the most traded currency pairing in the world any USD movement can have an impact on EUR exchange rates.
For the very latest movements or an up to date exchange rate for GBP/EUR feel free to contact us today on 01494 725353 and we will be more than happy to keep you up to date with the very latest action. Feel free to get in touch on 01494 725 353 or email me here.
The whole process was simple by Daniel Wright. He described the various stages to the process very clearly & was always available to talk to. A very knowledgeable & friendly person! I highly recommend Foreign Currency Direct.
Superb none better. Impeccable service. So so efficient. Absolutely delighted with the way this company works and especially Daniel.
Would always recommend them. They have their fingers on the pulse and could not be more helpful. Have dealt with Daniel Wright every time who is polite, patient and charming.
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.