The Eurozone Finance Ministers have agreed to a 10.3billion pound bailout for the struggling Greece, with very little economic data for the EU for the remainder of the week GBPEUR exchange rates may be impacted by UK GDP figures released this morning.
Eurozone Finance Ministers met overnight on Tuesday night to discuss the next steps in helping the Greek economy to get back on its feet. It has been agreed that €10.3 billion will be added to their bailout loan, which will help them to meet their next repayment deadline in July. Greece will still owe over €300 billion, but the debt relief will be phased in from 2018, helping them to buy some well needed time.
I feel that this news has unsettled Investors, as the problems in Greece are dragging the Eurozone down, causing them to move their funds out of the Euro and into safer currencies. This, combined with confidence of the UK seeming more likely to remain in the EU, has been a large contributor to yesterday’s GBP/EUR spike, but may not be around for long as we edge closer to the 23rd June. Anyone looking to purchase Euros with Sterling may be sensible to capitalise on the best levels in nearly four months.
There is little economic data for the remainder of the week, but this does not necessarily mean that the market will settle – focus will be on the UK Referendum as any developments have the capacity to cause severe changes to the currency in question.
The next key release to watch out for will be on Tuesday as we see Inflation figures for May, followed by the next ECB Interest Rate Decision on Thursday. These both have the potential to drastically change the markets and I would strongly recommend keeping in touch with your Account Manager here to help time any transfers as best as possible.
GBPEUR exchange rates are at their highest levels in almost 4 months, a good opportunity for those looking to purchase Euros with Sterling. Call our trading floor on 01494 725 353 if you wish to make a purchase.
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It was really refreshing to go through a process that had absolutely no hiccups at all, the service that we were offered exceeded our expectations. We would unreservedly recommend the company to anyone seeking to exchange currency.
Very efficient service. I’ve never used a service like this before & was purchasing a house in France. It was all explained very well & I was kept informed all along the process. Putting a deposit down to pre-book the rate also saved us a fortune.