The Euro has surged on the back of a Brexit but how long will this rally last for? There's no question that the UKs exit will have significant implications on the Eurozone.
The Euro is currently at two years highs against sterling following the shock announcement that the UK is set to leave the EU. Although the UK is yet to start the process of leaving the EU, there are already rumours that other EU states will follow suit. The Netherlands and France have both hinted that they could be next to follow.
The EU now has to consider how it will handle the Brexit. If the UK is seen to land its catered for trade deal and immigration policies, this is likely to cause a stir within the ranks of the other EU states. Euro group President Jeroen Dijsselbloem has stated Nigel Farage is living in a dream world if he thinks the UK can negotiate a free trade deal.
Yesterday, Eurozone leaders met to discuss monetary policy after the Brexit. The effect of the Brexit would have been hot on the lips of the ministers, although it is too early to know the real extent. Furthermore, the EU announced that it would be not adding any new members to the 28 member bloc (soon to be 27) for at least the next three years.
Today, the latest set of employment figures for the Eurozone are set to be released. The expectation is for a slight drop in the amount of people of unemployment. I personally don’t expect this to have a massive effect of the value of the Euro.
For clients with Euros, the next few months are set to be choppy waters. There are so many factors to consider. Will the UK cut interest rates? What is the political future of the UK? Will there be another fallout from the EU from other nations? There is no doubt that the next few months are set to volatile, I would therefore suggest to speak to one of our experienced experts to answer any questions you may have.
Are you repatriating to the UK or have Euros to sell for Sterling, making the most of current levels could work in your favour. Speak to one of our knowledgeable brokers today on 01494 725 353.
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