This report will examine the factors that could affect Euro exchange rates this week in order to help you stay informed if you need to make a currency transfer. The table below shows the difference you would have received when buying £200,000 at the GBP/EUR high compared to the low for the past 30 days.
|Currency Pair||% Change||Difference on £200,000|
For clients that have sold a property abroad and are holding Euros in a Euro account in this country or abroad, I believe now is the time to put a plan in action, as I expect major fluctuations for GBP/EUR exchange rates in the months to come.
The EU Referendum (Brexit vote) on June 23rd 2016, has provided a fantastic opportunity for clients that are selling Euros to buy Pounds. GBP/EUR exchange rates have dropped approximately 15%, which means presently you could receive up to £25,000 more on a €200,000 transfer when compared to pre-Brexit levels.
With UK and EU officials announcing that it’s in the best interest for both parties that progression is made, I am fearful that at any point the UK will announce that the UK and EU you have secured a deal in regards to EU citizens’ rights and the pound will increase in value as the UK are one step closer to stage 2 of the Brexit negotiations (trade negotiations).
Of course some of my clients are of the opinion that it’s actually a matter of time until Brexit negotiations hit a brick wall which could cause the pound to slide further against the euro and of course this could happen. However with the commentary we are receiving at the moment I see this as huge gamble and one that I wouldn’t be prepared to take.
Brexit negotiations resume today in Brussels however I don’t expect any update until late Friday. For clients that are converting GBPEUR I would recommend getting in touch today to discuss all of your options.
This morning at 10am the European Commission releases economic growth forecasts. In recent months President of the European Central Bank Mario Draghi has insisted the bloc is growing at a steady and healthy pace. If the European Commission follow suit and make similar comments I expect the euro could slightly strengthen and therefore become more expensive to buy.
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 or email me here.
From the moment I spoke with Dayle he was very friendly and explained how Foreign Currencies Direct operated. He also explained about the fluctuating Sterling/Euro market. Would definitely use the company again & recommend them to family & friends.
I’ve dealt with Dayle Littlejohn for over a year now and can honestly say I’m completely satisfied. He has always been totally efficient and has never failed to deliver consistently excellent service. I shall continue to use him and the company for currency conversion for this simple reason. Well done.
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