Despite Mario Draghi dampening hopes that the European Central Bank will begin to limit its current quantitative easing program in the short term future, the Euro is holding onto its recent gains.
The Euro is the best-performing G10 currency this year, and since the beginning of the year the Euro is up by 7% against the US Dollar and almost 2% against the Pound.
The Pound to Euro rate is currently sitting in the mid 1.15’s at the mid-market level, which is a 4 cent drop from just a few weeks ago when the currency was trading in the mid 1.19’s.
Deutsche Bank have recently joined a growing list of analysts that consider the GBP/EUR pair a sell, with Lloyd’s also expecting to see the pair soften by the end of the year. Next months election could create headwinds in the meantime and within the next hour UK GDP data will be released which could also result in the weakening of Sterling, especially if the figure released disappoints.
If you’re planning a currency conversion and would like to discuss upcoming events that could impact the Pound to Euro exchange rate, feel free to get in touch which me and I’ll be happy to offer you my input.
If you have a large currency exchange to carry out in the coming days, weeks or months then you are more than welcome to speak with me directly as I will be more than happy to help you both with trying to time a transaction and getting you the top market rate when you do come to buy your currency. A small improvement in a rate of exchange can make a huge difference so for the sake of taking two minutes to email me you may find you save yourself hundreds if not thousands of Pounds. You can email me (Joseph Wright) on email@example.com and I will endeavour to get back to you as soon as I can.