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 below table shows the difference you would have achieved when buying £200,000.00 during the high and low points during the current week to date.
|Currency Pair||% Change||Difference on £200,000|
European growth figures of late have continued to impress investors and speculators alike, and due to this we are seeing an increased demand for the single currency leading to it becoming more expensive to buy.
We have recently seen a dramatic upgrade in growth prospects, better than expected growth data in the third quarter of 2017 and some upbeat forecasts from the European Commission too. Surprisingly, both ends of the economic spectrum in the Eurozone (Germany and Italy) have posted better than expected growth figures which suggests that it is not just the German economy that is propping up the rest at present.
Higher growth figures can tend to lead to a rise in inflation for the region which eventually may lead to the European Central Bank having to start to look into raising interest rates, generally seen as positive for a currency.
The Euro has always been a currency that has remained in fashion, it rode the wave of the Greek crisis fairly well and if reports are right and growth continues in this fashion then the Euro may well continue to get stronger as we enter the festive season. Last week the Euro was the strongest performer of all of the G10 currencies.
Today we have key inflation data due out for the Eurozone, and any rise in inflation for the area may lead to the Euro getting stronger once again, a surprise drop off may lead to a small buying opportunity for those looking to buy Euros.
Tomorrow is fairly quiet for European economic data, however with Brexit talks on-going and leading to ever changing news you need to really keep a keen eye on the Euro exchange rate at all times, we are seeing wild swings in the price of the Euro almost 24 hours a day at present.
If you have a particular rate you wish to achieve there is the option of a limit order though our brokerage. This contract type allows our system to automatically buy your currency at a specific rate chosen by you should it become available, 24 hours a day, 7 days a week. It is extremely handy when the market is as volatile as it is and there are data releases, speeches and breaking news happening outside of normal trading times. Feel free to get in touch on 01494 725 353 or email me here.
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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.
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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.