GBPEUR rates were surprisingly steady yesterday with very little movement – especially following the large swings we saw at the end of the week. GBPEUR levels are still trading towards a 2 month low meaning it is an attractive time for euro sellers to move. Comments from Mario Draghi last week showed that interest rates will remain low in Europe for the “foreseeable future” which helped weakened the euro at the time. I know there is talk of concerns coming again from Greece and Portugal however it seems the market still remains confident in the Euro. Meaning Euro buyers may not want to get too gluttonous holding out for a big spike.
My personal view is that GBPEUR will remain range bound between 1.155-1.165 within the next 7 days, 1.16-1.17 over the next fortnight but potentially fall when the Bank of England minutes are released in 10 days’ time.
Euro buyers in the short term I would suggest potentially buying this afternoon following UK GDP figures if it pushes prices up, but certainly to move before the 18th with BOE minutes are released. Euro sellers and pound buyers I would think to move before the release this afternoon or wait out till the BOE minutes if time allows.
Either way – the FX markets never move in a straight line, meaning there will be opportunities to get good prices if you watch markets constantly. If however you are not in front of the markets for 10 hours a day and wish to achieve the best price you may wish to register for SPIKE notifications here via email at email@example.com
I’m confident we can provide you both with competitive exchange rates and information to help you make an informed decision as to when to make your transfer. If you have any queries or questions please do not hesitate to contact me.