Getting the best exchange rate can be achieved by understanding what is driving rates and the service of a specialist currency broker. The table below shows the difference in Euros you would have achieved when buying £200,000.00 during the high and low points of the past week.
|Currency Pair||% Change||Difference on £200,000|
Angela Merkel’s latest approval rating did not present good reading for the country's leader, as nearly 50% of Germans surveyed want Merkel to stand down. Furthermore only 36% of respondents believe she is the right person to retain the position of Chancellor for another four years. After a poor election result coalition talks are set to start once more on the 7th January.
Earlier this year Merkel tried to create a Government with several minor parties, however those talks fell through sparking fears of a re-election. Over the last four years Germany has seen a grand-coalition between the three main parties, which the SPD party ruled themselves out of. However, all sides will now return to the table and should these talk’s breakdown then there could be major Euro weakness.
Merkel has been one of the key figures of the European Union over the last 12 years with a very favourable opinion of the Union. Should a leader move into power in Germany who is a lot less sympathetic, there could be major uncertainty with Germany being the main contributor to the EU coffers.
The tradition of rotating the nationality of the European Union Presidency will continue on the 1st January with Bulgaria being handed the baton. Whilst the Presidency is more ceremonial as they chair meetings and set agendas, Bulgaria is the most corrupt country in the bloc. There is likely to be questions of credibility and any scandals that could appear may have an effect on the Euro.
Over the next few months the Euro has plenty of uncertainty with regards to Catalonia and Germany. However due to Brexit talks it’s unlikely it will lose much ground to Sterling for the near future. Therefore, there could continue to be good opportunities to sell Euros in the 1.10’s however even with all the uncertainty I would be surprised to see the rate fall below the 1.10 mark.
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 on 01494 725 353.
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