Since the start of the year EURUSD exchange rates have improved an astonishing 15 cents. To put this into monetary value for clients purchasing $2oo,000 they will now save themselves €23,784. Last week the Euro continued to strengthen against the US dollar and exchange rates pushed through and finished the week above 1.20.
President of the European Central Bank Mario Draghi, failed to change monetary policy at the latest interest rate decision on Thursday. However the President did state that a bulk of decisions will be made in October, growth forecasts had risen to the fastest pace in 10 years and the euro was performing well.
Couple the above with Donald Trump’s government failing to have a positive impact on the US dollar, economic data out of the US disappointing which appears to have changed the stance of the Federal Reserve in regards to interest rates and the tensions in North Korea, it is no surprise EURUSD is on the charge and looks like it could get stronger in the weeks to come.
My experience is that US dollar buyers are tempted at present, as current rates sit at two and a half year high. However in my opinion holding off for an another month could strengthen their position, if Draghi tapers the quantitative easing program in October.
As for clients that convert GBPEUR, exchange rates have improved this week and with limited data releases or media stories released I expect the improvement is down to currency traders unwinding positions as they believe the pound has hit rock bottom. I expect GBPEUR to fluctuate just below 1.10 this month and then further falls to occur next month when Draghi gives clarity.
Here at eurorateforecast it is my job to provide clients regular market information, which will help the client make decisions when purchasing currency. As we have been buying and selling euros for 18 years, we have the ability to undercut high street banks which saves the client money.
Property purchases and sales are my area of expertise, therefore if you need to purchase a foreign currency or you are about to complete on a sale abroad, today is the day to get in touch to discuss your options and to get an understanding of how we can save you as much money as possible.
For further information in regards to Euro exchange rates feel free to email me with the reason for the transfer (company goods, property purchase) and timescales you are working to and I will respond with the options available to you and the process of using the company I work for firstname.lastname@example.org.
** 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! **