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 a month affecting Pound Sterling rates when buying £200,000 during the high and low points of the past 2 weeks:
|Currency Pair||% Change||Difference on £200,000|
Job creation across the 19 countries using the Euro has moved to a high last seen in July 2007. Booming orders across the region has forced businesses to employ more staff at the fastest rate in over a decade. Concerns surrounding the strong Euro and Catalonia appear to have not transitioned into fears as economic confidence has also been reported at a 17 year high in the last month.
Last month the European Central Bank revealed their plan to taper the current stimulus program which has helped the economy recover to this point. The economy is likely to continue to strengthen over the next few months and even with the ECB changes coming there shouldn’t be too much impact.
Going forwards there will be pressure with the economy performing well for the Central Bank to move rates from the current 0% to offer some savings, however there isn’t expected to be any hikes for a considerable time.
There have been inflation warnings in the last few months with the turn of the year expected to see Eurozone inflation struggle. If this starts to show in the economic data before the end of year it could certainly cause Euro weakness and I wouldn’t be surprised to see the GBP/EUR rate nearer 1.17.
What this would mean is anyone holding out to sell Euros back to Sterling below 1.10 are unlikely to hit their target. Whilst the rate has moved off the lows of 1.07 across the last few years anything below 1.15 for selling Euros should be considered an extremely good rate. Before Brexit took place, there was only a window of a week in July 2013 when it would have been possible to trade at this level. Therefore, you’re still trading at multi-year highs for selling Euros back to Pounds.
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 on 01494 725 353 or email me here.
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