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 just 1 week affecting Euro rates when buying £200,000:
|Currency Pair||% Change||Difference on £200,000|
There have been proposals put forward suggesting that EU citizens under the age of 30 could be offered 2 year visas in a bid to keep young migrants coming to the UK. A report by the Migrant Advisory Council have suggested that young people should be the main focus of any immigration plans as they’re the most likely to become net contributors.
Whilst this is a fairly long term plan, what it does mean is there are snippets of solutions appearing for many of the Brexit negotiation challenges. If there is to be more clarity on discussions of immigration and trade Sterling could start to gain against the Euro. Meaning if you’re looking to sell Euros into Sterling the time may be now to make sure you’re capitalising on the 10-month high.
Romano Prodi who was President of the European Union Commission in 1999 to 2004 suggested the UK Government will need to be flexible in their efforts to achieve a trade deal, or risk economic suicide.
Interestingly Prodi who was also the Italian Prime Minister, suggested that the UK should not consider a second referendum however there needed to be “historic compromise” mentioning the current slow pace will have consequences.
This week is a fairly quiet week for EU data however there is Sterling data with the inflation report. If there is an indication of EU inflation then the GBP/EUR rate could rise back up towards 1.12. If you’re looking to sell Euros back to Sterling and are maybe waiting to receive funds. It might be worth considering looking into a Forward contract looking in today's near year high to sell Euros. To find out more information contact your broker to discuss what might be you best option.
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 here.
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