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 week:
|Currency Pair||% Change||Difference on £200,000|
It has been reported by a number of German political observers that the talks to form a Coalition Government have not progressed at a sufficient pace and that the date set to reach an agreement (1st April 2018) might pass without an agreement. According to reports the sticking point seems to be the opinions on how Government will make decisions, with the three parties in negotiations unable to agree.
Currently this issue doesn’t seem to be affecting Euro exchange rates, with recent EU economic data releases being positive, however this could change as we get nearer to 1st April.
The German economy is considered the ‘engine room’ of the Eurozone and as such Germany and is heavily linked with the EU. Martin Shulz who leads the Social Democratic Party (and was previously President of the European Parliament), called for the next German government to be tough on the UK and not give ground in Brexit negotiations.
Chief negotiator Michel Barnier yesterday set out the European Union’s demands for the temporary period once the UK leaves the EU in March next year.
The key points for the UK to consider are any new laws implemented in the period running to 31st December 2020 should be adopted; however, the UK will not be involved in the decision process. Furthermore, the UK cannot implement any of its own international agreements unless the EU agrees. Unsurprisingly Brexit Secretary David Davis said the UK wanted a “right to object” and Downing Street suggested there would be difference of opinion ahead of negotiations.
Tomorrow we will see EU GDP and Confidence data. Q4’s Gross Domestic Product data is not expected to change from previous, however analysts are expecting Consumer and Business confidence readings to remain near record levels which is seen as positive for the Eurozone.
At the moment the Euro is strong against the Pound and remains high against the US Dollar, however I don’t believe this will last and the Euro could start to weaken. If you’re looking to sell Euros selling sooner rather than later could protect you from European uncertainty, contact your trader to discuss your options.
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