Getting the best exchange rate can be achieved by understanding what is driving rates and the service of a specialist currency broker. Below are movements in just 1 month affecting Pound Sterling rates when buying £200,000:
|Currency Pair||% Change||Difference on £200,000|
Recently the price of the single currency has been falling against Sterling, as speculation about an agreement on the Brexit bill continues to build. The latest speculation is that a deal is likely to be done, which is pushing investment into the Pound and making it more valuable and expensive to buy with Euros.
However, the economic data for the Eurozone continues to show improvements, but again it is political rather than economic health which is driving the price of the single currency. Personally I think this will continue and Euro sellers will be the ones that are most likely to lose value in the coming week.
Data from the Eurozone has been mixed, but generally positive in recent weeks. Euro area economic confidence hit a 17-year high in November and hiring plans in the Euro area reached a 30-year peak in November. Ireland, that was once a thorn in Europe has now had approval for early repayment of loans. This repayment to the International Monetary Fund bailout is expected to save them a further €150m in debt servicing costs. A contributing factor could be that Google and other multi-national companies who have re-located there in recent years with the incentive of lower corporate tax over most of mainland Europe. Yesterday however the Euro weakened on poor Producer Price Index figures which fell slightly.
Today we have the release of Service data for the Eurozone which is expected to be positive, and then a further European Central Bank (ECB) meeting on Wednesday. The speech from ECB President Mario Draghi on Wednesday along with GDP figures are expected to be the biggest day for the Euro. I personally expect the Euro to continue to fall against the Pound so those converting Euros for Pounds may want to move sooner rather than later to avoid disappointment.
Thank you for reading my Euro currency report, if you have any questions about an upcoming transfer feel free to get in touch on 01494 725 353 or email me here.
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