Tag Archives: eurgbp
Currency transfer to consider soon?
Finally rates for clients buying Euros have improved. If you are buying Euros we are back at the best levels since January to be considering an exchange. Buying €200,000 is now some £5963 less costly than it was a couple of months ago.
Unfortunately this is not likely to continue in the coming weeks with added pressures on the pound and euro confidence returning. All too often those buying Euros think just because Greece or Spain is in the headlines that will translate into better rates on the Euro. This is not the case!
Why is the Euro so strong? Last year if you were looking to buy Euros for a property purchase you were probably budgeting on a rate of at least 1.20, more likely 1.25. Since that time confidence has returned to the Eurozone and Euro buyers are faced with rates today of 1.18.
There is confidence in Europe because of the belief that the ECB (European Central Bank) will do whatever it takes to help the countries that are in trouble. By offering to purchase the debts of Greece and Spain the ECB has give the market confidence. This major step last year has given markets confidence to invest in Europe and helps to explain why the Euro is strong.
The pound is still very weak and it may get worse! The UK has always relied on a strong global economy to create growth. From the days of the Empire to today, Great Britain needs people overseas willing to spend money on it’s products and services. The Eurozone being in recession is not good for Britain who relies on European orders to help the Manufacturing Industry.
The main driver on the Euro last year was the prospect of Greece or even Spain leaving. This has not materialised and is highly unlikely too as the ECB are now backing up the weaker nations. Problems in the Eurozone will continue to hit the headlines but I would not expect any moves above 1.20. If you have a requirement to buy euros in the short term I believe you are looking at an excellent opportunity at current levels.
If you are selling euros to buy another currency we could easily the rate improve slightly in the coming weeks depending on how the economic data comes out. All of the bad news is quite clearly in the market for the euro so we could see some profit taking in the short term which would help. If you are considering an exchange an understanding of what is driving your rate is crucial to helping you to achieve the best price. For the best rates and professional service or any information relating to moving money internationally at a good price, please feel free to contact me Jonny directly jmw@currencies.co.uk
Where will the Euro rates head next?
The Euro rate has stabilised a touch this week following excessive volatility as a result of the Cyprus debacle. Speaking to some of my clients today in Cyprus, the picture is still unclear. The mood amongst the people is not good and a dark cloud now appears to be hanging over this usually warm and sunny island.
Markets have very bad memories and the Euro rate is bound to be moved by new news soon. Tomorrow is the ECB (European Central Bank) conference where we will learn a bit more about how the ECB view affairs in Cyprus and this will provide some indication as to where rates will head next.
Mario Draghi the ECB President is known for moving markets and we can see movements of a couple of cents in a day. If you are looking to arrange a currency transfer involving the Euro, tomorrow may provide a bit of movement. I think personally we will see the Euro strengthen against other currencies as Mario talks up the Euro’s prospects.
Ultimately the Euro area has huge concerns to address but the UK and US too, have their own debt problems. I expect attention will return to the UK once again and would not be surprised to see rates dip to say 1.15-1.16 in the next week.
If you are considering any currency exchanges I can help point out the high and low movements plus ensure when you do trade, you do so at the best possible commercial rates. For more information on how it all works and to receive updates, please contact me Jonny on jmw@currencies.co.uk
When should I buy Euros?
The current trend on GBPEUR is downward. If you are looking to buy euros in the next few months you should probably buy quite soon to avoid disappointment. There is a very strong likelihood the euro is going to continue to strengthen against the weaker pound.
The current downward trend on rates is very much in motion and whilst there will be small spikes to take advantage of, the likelihood is that the rates will continue to fall. The reasons? There is now a strong belief despite the problems in Europe, they will solve their problems in the long run. Whilst rates are bound to climb again in the future, this may not happen for a very long time.
Rates have still not settled and daily we are seeing movements of anything from 1-2 cents. 1 or 2 cents on a large volume of currency makes a huge amount of difference and this is where we can help pointing out the highs and lows on the market.
I have had some clients getting in touch who have been holding out this year waiting for rates to go back to 1.20! I am sorry to upset you but it just doesn’t look likely right now. If you are completing on an overseas property soon or are paying euro invoices soon it would be wise to consider moving soon, as well as all your options. Euro strength and sterling weakness have combined to spoil the dreams of overseas property hunters and anyone buying goods overseas. Why take the risk? Rate will probably climb again but realistically it could take years to go back up to 1.20.
Talk of GBPEUR reaching parity and certainly 1.10 are all over the media and I think it is fair to say the rates will drop further before they pick up. The flipside of this of course is good news for those selling euros. If you are selling euros the time now is excellent and may improve further. Speak to me about ensuring you don’t miss out on these highs and to find out how using our service works!
It is often the greedy who get their fingers burnt so to speak with a specialist about all of your options buying and selling euros please speak to me Jonny on jmw@currencies.co.uk. A quick email with details of your situation plus a contact number means I can provide information on your options making your life easier and less costly.
I look forward to hearing from you
Once again Mario Draghi proved he has the power to move markets!
Once again Mario Draghi proved he has the power to move markets. With lots of uncertainty on the euro and the outlook in Europe generally negative Mario’s positive outlook on the euro zone crisis once again helped strengthen the euro. Recent fears over the Italian election were played down as Mario highlighted how there was no signs of contagion in the euro zone. I still feel longer term that the euro will come under pressure but this could be many months or years away. As described above the pressure on the pound looks sure to prevent the GBPEUR rate suddenly becoming more favourable. To be kept up to speed on developments affecting your purchase you can speak to me directly on jmw@currencies.co.uk
US DATAWATCH – Non Farm Payroll – 14.30 CET tomorrow. If you did not see the news you hoped for today on the euro, there is always tomorrow!
USD movements weigh heavily on many other currencies too. US economic data has been fairly mixed but generally their employment situation has improved. US data also affects global attitudes to risk and this afternoon’s employment data may move not only GBPUSD and EURUSD but also affect movement on the pound against other currencies. As we see USd funds move in and out of EURUSD GBPEUR may be affected.
If you are considering an exchange involving the euro we are in some very interesting times at present. For the time being the euro remains strong but we could easily it weaken. Understanding what is driving exchange rates is key to getting the best deals. For a free no obligation discussion of events affecting your purchase please feel free to contact me Jonny directly. We can help those buying euros as well as selling euros following a property sale in Europe. My email is jmw@currencies.co.uk and I look forward to hearing from you.
Are you waiting for a better euro rate? Speak to the experts to make sure you don’t miss out!
Euro exchange rates have been very strong for the last few months. The worries of 2012 have been pretty much swept under the carpet and Mario Draghi’s determination to do ‘whatever it takes’ to save the Euro is still helping confidence. Mario Draghi is the President of the European Central Bank and his comments helped the Euro earlier this year by highlighting how the eurozone situation has ‘stabilised’. Basically when Mario speaks, he often moves the market, sometimes half a cent, but often much more.
‘If you are watching the euro and waiting for movement, Thursday could be the day’
Thursday this week we have the European Central Bank press conference. Listening to Mario speak about ‘euro zone stability’ and other exciting topics can be rather drab but you can be sure if he does say anything interesting it will affect your rate. I personally find listening to Mario Draghi and co speak rather interesting! Therefore if you are considering a trade soon this could be the opportunity you have been waiting for. It will certainly be interesting to hear his take on the Italian elections and the impact on austerity in the euro zone. for updates on how this will affect you please feel free to email me personally jmw@currencies.co.uk
Missed the boat? Last week when the euro climbed into the 1.13′s against the pound after the credit downgrade for the UK I was quick to highlight the favourable movements to a number of clients who took immediate action. That day the rate opened at 1.1407, dropped quickly to 1.1356 before climbing back to over 1.16 by the end of the day due to uncertainty over Italy. This is not a usual day but just highlights how quickly things can change. Generally speaking those who are prepared and have target levels get the best deals.
As the above example shows exchange rates move every few seconds and getting the best deal is aided through a little preparation and expert knowledge. Our service is designed to ensure that our clients do not miss out when the best rates come along.
If you have a transfer to consider and would like to learn more you can make an enquiry direct to me on jmw@currencies.co.uk. I can quickly run through how it works and you can decide if it is something you want to take further. The excellent savings and service we offer versus the banks are strong reasons to seriously consider what we can offer. Hope to hear from you soon, Jonny
