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 the past 30 days affecting Pound Sterling rates when buying £200,000:
|Currency Pair||% Change||Difference on £200,000|
We have an extremely busy week ahead in the Eurozone in terms of economic data releases. The two big releases this week are on Thursday when we have the release of GDP for Q2 and we also have the ECB interest rate decision which is thought to remain unchanged at 0%. Sterling has really been under the pump in recent weeks against the Euro and in my view I think this is set to continue for some time to come. Those with a EUR/GBP requirement have not experienced selling opportunities like these in almost 8 years to transfer their funds, and I would strongly recommend picking up the phone today and speaking with one of our expects and when might be the best time to complete your transaction.
With a host of positive economic data of late and the Eurozone looking like it is currently in a very strong position in terms of growth, followed by Mario Draghi talking up the long term prospects for many countries in the bloc, the Euro has gone from strength to strength against Sterling, and With this positive news for the Euro zone and growth continuing at a steady pace I think the Euro could continue to strengthen at a steady over the next quarter. Over the last 30 days a well-timed EUR/GBP €200,000 sell back would have gained you an extra £7,250 which is why it is vitally important to be in regular contact with your account trader here.
In my view the next couple of weeks could be a vital time for the future of the Eurozone and also the long-term future for the UK. With the German Election only a number of weeks away now in my view the headlines within Europe will soon start to turn away from Brexit trade deals and focus on who may be the next leader of Europe’s most powerful economy. Historically elections have usually been market movers in terms of exchange rates, generally causing uncertainty and therefore creating weakness for the currency in question. In my view this could be a bit of lifeline for Sterling as we start to move closer towards the election at the end of September.
It is a fairly busy week ahead in terms of data releases for the Eurozone, we have the big two releases on Thursday and it will certainly be interesting to see if Mr Draghi does make any mention about a potential interest rate increase, if this does happen expect to see further gains for the Euro towards the end of this week.
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 here.