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 the past two weeks affecting Euro rates when buying £200,000:
|Currency Pair||% Change||Difference on £200,000|
French President Emmanuelle Macron told Prime Minister Theresa May that the door is always open for the UK should they want to reverse the Brexit decision.
These remarks are welcome news for any individuals hoping for a soft Brexit from the EU and I feel could help those looking at buying Euros with Sterling once the negotiations start.
A disappointing election result for Theresa May has forced her to haggle with the DUP or Democratic Unionist party in order to create stability within the UK government. Furthermore, Theresa May will now have to seek approval from Labour on any deals the UK is looking to make with EU. All in all, this translates into a potentially softer divorce from EU and could provide some much needed respite for Euro buyers. We could see some rate movement later today as the Brexit subcommittee are due to meet for a ‘critical session’ before Brexit negotiations begin.
I personally think that any clients looking at selling Euros may want to move ahead of the Brexit meeting, any news regarding a soft Brexit has historically helped Sterling. Looking at Theresa May’s current situation, it seems plausible that she may have to make way for other opinions.
Economically, yesterday the latest industrial figures were released and showed once more positive results for the Eurozone. There has been a whole raft of good data for the member states over the last few months and is directly behind why the pressure is on ECB President Mario Draghi.
On Friday, the latest Consumer Price Index is set to be released and is expected to retreat ever so slightly from last month’s gain. If this data is worse than expected, it may start to convince investors that the Eurozone’s growth is potentially just a blip and could harm the value of the Euro.
This combined with the possibility of a softer Brexit looming for the Eurozone means that Euro buyers could find themselves in a more favourable position. Euro sellers therefore, may want to secure their positions before any changes start to happen
Thank you for reading my Euro currency report, if you have any questions about Euro exchange rates I would be more than happy to discuss them – you can contact me with any queries here.
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