Foreign Currency Direct Foreign Currency Direct
Open an account

Over the next few days, EU leaders will be meeting in Brussels to decide who will take some of the EU’s top jobs in the near future. European Council President Donald Tusk would like names to be suggested at the summit and then the European Council would need to seek the approval of the European Parliament to take things forward.

Currency Pair% Change (Month)Difference on £200,000
GBPEUR3.2%€7,350

Therefore, for the first time in a long while Brexit isn't likely to be prioritised at this weekend's summit. The EU have made their stance on the deal clear, it is fair to say it seems it seems unlikely they will be prepared to change their minds in the near future. Indeed, reports are that the EU will not reopen the talks with the UK. However, they are also probably adopting a wait and see approach as to who the next British Prime Minister will be. The Irish Prime Minister Leo Varadkar has said:

There’s very much a strong view that there shouldn’t be any more extensions. There’s enormous hostility towards extension amongst the EU. I have endless patience, but my colleagues do not.

Clearly there is little appetite from Europe to look at an extension, so will the new members coming in to the various top jobs change their stance? Apart from finding replacements for Tusk and Juncker the summit will have to decide on a new European Central Bank (ECB) president and a European Parliament president.

Economic data to impact GBPEUR rates

Economic data to impact GBP/EUR rates

The euro interbank rate is currently still very close to a 6 month high against the pound creating some excellent opportunities to buy pounds with euros. This morning at 09:00 the eurozone will announce Manufacturing data as well as Services data for June.

The eurozone has been struggling recently owing to global tensions as well as the impact of the emissions on the car industry, so this morning could see a slight wobble for the single currency. Therefore, if you’re in the process of making a currency transfer involving euros pay close attention to this data release.

News

Key Week for Pound Sterling

Key Week for Pound Sterling

Sterling faces a key week as the latest interest rate decision takes place on Wednesday and Britian leaves the EU on Friday.

By Jonathan Watson
Sterling Rises to One Month High Against the Euro

Sterling Rises to One Month High Against the Euro

GBP rates rose yesterday as the likelihood of a Bank of England interest rate cut decreased.

By Jonathan Watson
Brexit & BoE Interest Rate Decision Likely to Be the Main Drivers of GBP Value This Month

Brexit & BoE Interest Rate Decision Likely to Be the Main Drivers of GBP Value This Month

In today's currency market report; Bank of England interest rate decision and its impact on the GBP and how the Coronavirus could affect USD rates.

By Joseph Wright
Read more articles

 

Download our monthly currency forecast

Download here

 

L. Short

Cyprus

As always, I got an excellent rate. Tom is always helpful and the whole process is extremely quick, efficient and simple.

Read our testimonials

H. Mason

Spain

Tom helped us so much explained every thing and got us a better rate to buy our home in Spain, when we had to pay for furniture went back again and he sorted a rate out for me.

Read our testimonials

S. Alcock

Brilliant service, genuine advice and rapid transfer of money to our French bank account. Tom Holian seems like a friend although we’ve never met!

Read our testimonials
Exchange rates on this page are interbank rates and indicate where the market is trading to show the performance of a currency pair. They are not indicative of the rates which we offer. The information on this web site is provided free of charge for information purposes only. It does not constitute advice to any person on any matter. Foreign Currency Direct plc. ("FCD") makes every reasonable effort to ensure that this information is accurate and complete but assumes no responsibility for and gives no warranty with regard to the same.