If you’re looking for a Pound v Euro forecast, a fantastic opportunity has presented itself, for people that have sold property overseas and are looking to repatriate Euros back into Sterling. For clients that need to convert their currency short-term, on a €250,000 transfer into Sterling, they are now achieving an additional £10,850, as exchange rates have dropped by -4.8% since the 6th May.
If you are fit into this category and would like to compare our exchange rates compared to your current provider, feel free to email me, Dayle Littlejohn, directly for a live selling price: firstname.lastname@example.org.
The Pound has declined over the seven weeks due to the uncertainty of Brexit. Theresa May announced her departure as she failed to get her deal passed through Parliament. At present, Boris Johnson and Jeremy Hunt are going head-to-head to see who will take over No. 10.
Even though Boris Johnson has made headline news for the wrong reasons this week, I still expect him to be the next Prime Minister come the end of July. In my view, his approach will take the UK even closer to crashing out of the EU at the end of October, which could put further pressure on Sterling.
However, I believe that MPs within Parliament will find a way of blocking Brexit, which will trigger a snap election. For clients that are buying Euros, it looks like the Pound is set for another tough six months.
Will the Euro rise?
We know that the Pound is under pressure, however the Euro has problem of it’s own. The President of the European Central Bank (ECB), Mario Draghi, announced last week that further quantitative easing (QE) may be needed, in a bid to boost Eurozone inflation.
If it’s the case that the ECB start another round of bond buying, also known as printing money, history tells us the Euro will devalue. This is good news for clients buying Euros long term, bad news for clients selling Euros.
If you are buying or selling Euros this week, month or year and I have not covered the currency pair you are trading, I would recommend emailing me with the currency pair (EURUSD, EURGBP, EURAUD) and the reason for the transfer (company goods, property purchase).
I will response with my forecast and the options available to you, email@example.com. Alternatively if you would like to discuss your requirements over the phone, call 01494 787478 and ask to be put through to Dayle Littlejohn.
** If you are already using a brokerage and would like to know if you are receiving the best rates possible, email me with the exact figures and I will reply with our live price. This will take you a few minutes and in the past I have saved clients thousands! **