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 30 days affecting Pound Sterling rates when buying £200,000:
|Currency Pair||% Change||Difference on £200,000|
After hitting the best rate to buy Pounds with Euros in weeks following the Bank of England’s decision to hike interest rates, the single currency has weakened against the Pound over the last few days.
Tomorrow the talks will resume in Brussels with the latest set of Brexit talks. Any update is likely to come late on Friday afternoon which could cause a lot of volatility for GBPEUR exchange rates as we end the week.
Clearly the talks have been struggling so far but PM Theresa May has been a little more positive recently confirming that she wants to agree a transitional deal with the European Union as soon as possible.
Behind the scenes there have been ‘further progress on citizens rights’ but as yet the public has not been made aware of the latest developments. Therefore, if the talks go well we could see the Euro weaken, providing anyone with a requirement to buy Euros potentially with a better opportunity towards the end of the week.
The real risk for Sterling is the term ‘cliff-edge’ that has been mentioned but I think this is highly unlikely to happen if we observe what has been happening recently. We are just over 500 days before the Brexit deadline and as yet we have not really progressed, which has kept the Pound under a lot of pressure vs the Euro.
Tomorrow morning brings with it the latest German Trade Balance figures for September. As Germany is the Eurozone’s power house I think we could see a brief period of Euro strength against the Pound as Trade Balance has been rising over the last few months and predicted to hit €21.6bn.
On Friday French non-farm payroll data is released and we have seen the figures go up on a regular basis since 2015 so as with Germany I think we could see further gains for the Euro. However, as suggested above I think it will be the Brexit talks that are likely to dominate the rates to buy or sell Euros.
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.
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