Despite a looming EU referendum, Sterling has seen gains against Euro in recent weeks and has peaked at a 3 month high. The following report exams factors that may impact GBPEUR exchange rates going forward, such as the Greek crisis.
Sterling exchange rates remain near the best levels we have seen for 3 months. Yesterday the market was driven by European news, with an update on Consumer Confidence, Industrial Confidence and Business Sentiment. All of which showed an improvement on expectations which resulted GBPEUR exchange rates falling back by over half a cent from the high peak we saw earlier this week.
Moving forward I am of a view that GBPEUR rates are around the highest we are going to see and I expect the negative tone to return once more. As we get closer to the EU Referendum I expect rates to fall.
Today I expect a slight pick up in GBPEUR exchange rates due to Inflation data due from Europe this morning. This is expected to show another contraction and as a result I would not be surprised to see some Euro weakness.
If you have missed the opportunity this week you will probably have another chance this morning. Get in contact first thing to take advantage of these current levels, these are over 2% better than 7 days ago giving you an extra €1,500 for every £50,000 exchanged.
Even though it is out of mainstream media Greece is yet again a topic of conversation across trading floors as their next debt repayment looms. It seems that they are again struggling with the reforms imposed on them following their third rescue package (worth over £60 billion) last year. They have been struggling to unlock their next loan repayment as they have been unable to implement further savings and spending cuts, representing 3% of their overall GDP figures. Their next repayment is €3.5 billion which is due in July and we are already expecting them to try and renegotiate the terms of this deal.
As we saw 18 months ago, expect this topic to start to appear in mainstream media and impact the price of buying the Euro.
GBPEUR exchange rates are at a 3 month high ahead of the EU referendum, if you have requirements to purchase Euros, now would be an excellent opportunity to secure a forward contract or purchase through us now. Call us on 01494 725 353 or email me here.
First class service as ever from Stephen Eakins. Very quick and superb advice!!
Excellent service from Stephen Eakins as always. Manages to achieve a high standard of professionalism and efficiency combined with a friendly approach.
Sending money to France has been so easy. I was amazed at how simple the process was. Steve Eakins is a pleasure to deal with, no fuss or drama just a great, friendly attitude.