This Euro forecast looks at the cost of exchanging Euros in the short-term and the factors that could affect your Euro transfer. The table below shows GBP/EUR movement in the last month and the difference in value when buying at the high versus the low:
|Currency Pair||% Change||Difference on £200,000|
Most of the strength behind the Euro yesterday which caused the 0.5% depreciation on GBP/EUR was due to some off the cuff comments from Angela Merkel.
To whittle down what was a fairly long interview, the nuts and bolts of it was a key quote where she said the Euro was 'too weak'.
Much of the currency markets are now operated by automatic trading algorithms. Comments by Merkel and Francois Holland last October which alluded to a punishing, hard Brexit for the UK caused a massive flash crash on the Pound where GBP/EUR lost 8 Cents in a split second before recovering.
Effectively these 'robots' intervened automatically yesterday morning on a smaller scale, reacting just to those two words uttered by Merkel which caused the gradual improvement in the Euro's value throughout the trading day. So not necessarily any indication of a trend, but this is a stark reminder to anyone with a Euro buying or selling requirement that markets can shift with near immediate effect and with little warning - making sure your broker here is aware of any requirements means any opportunities or adverse movements can be relayed with immediate effect to avoid being caught out or, indeed, 'last to the party'.
To compliment Germany's premier position yesterday in gravitating currency market attention towards the Euro, today growth data for the German economy will be released, with any change to the forecasted 1.7% yearly growth set to cause parallel change in the Euro.
Equally important will be business confidence data in the manufacturing and service industries of the Eurozone economy which will hit the wire at 9am, and expectations are for a marginal depreciation.
Given the arguable overreaction to what was an off the cuff comment by Merkel yesterday, and that the likelihood for the Euro today is more negative than positive, Euro buyers could see some respite today, reversing some of the losses from yesterday.
Thank you for reading my Euro currency update, if you would like more information about Euro exchange rates I would be more than happy to discuss them – you can contact me at firstname.lastname@example.org.
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.
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This was a faultless service from start to finish. Our contact, Joshua, could not have been more professional and efficient. He guided us excellently through all the stages of transferring money to the UK. Joshua even managed to get us the best exchange rate available at the time, and he did this with a pleasant manner and exceptional politeness.