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 previous week affecting Euro rates when buying £200,000:
|Currency Pair||% Change||Difference on £200,000|
The European Chief Brexit Negotiator Michel Barnier has revealed he hopes to be able to announce that Britain and the EU have come to an agreement on the financial issues in the next few days. There have been negotiations over the past few months over how much the UK will be expected to pay upon leaving the Union.
Barnier did suggest that despite the rumours of total agreement there was still a subject they were working on. Once there is an agreement it will be presented to the European Council where the 27 nations will decide if they’re happy with the terms and then move onto trade talks. The development to this stage has provided the boost for Sterling and a well-timed £200,000 transaction to Euros compared to Monday this week would see you achieve over €4,000 extra.
Moving forward the Euro could continue to lose ground against the Pound especially as it looks as though the talks will progress. Considering the swing that has taken place simply on speculation there will be an agreement suggests there could be more to come as we approach the EU Council meeting on the 14th & 15th of December.
During the meeting the members of the Council will be able to vote on the progress and should they accept the deal, talks will progress. This could be a cliff edge moment for the GBP/EUR rate, as either way there is likely to be a movement. A no vote would most likely cause Sterling to fall as talks would take a step back, alternatively the next stage will be trade negotiations meaning British businesses will be one step closer to more certainty.
The early results for the Consumer Price Index will be released for November and it’s expected to show an improvement of 1.6% compared to last year. Earlier in the year the European Central Bank did reveal they had some concerns for inflation moving into 2018, which suggests there could be a surprise.
The latest Unemployment Rate will also be expected for October which is expected to remain the same as the previous month of 8.9%. If you’re looking to complete a currency transfer get in touch before the releases at 10am to avoid any sharp movements.
Thank you for reading my Euro currency report, for more information on how these talks will continue to affect Euro rates feel free to get in touch on 01494 725 353 or email me here.
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