For today’s Euro exchange forecast, the Pound/Euro interbank exchange rate has traded in a very narrow range between 1.1578 and 1.1595, amidst no signs of progress in the Brexit negotiations.
This morning, UK gross mortgage approvals came in better than expected, at 40k versus a forecast 38.7k, which helped support the Pound.
However, while we await news on the Brexit negotiations, there are several factors that could cause the Euro to weaken in value, and put pressure on the Euro/Pound exchange rate.
When to buy Euros?
In the Eurozone, we have seen a spate of weaker data and a general slowdown in growth and business confidence. Coupled with the current trade tensions between the EU and US, this could easily add further pressure on the Euro.
The Spanish elections are another factor. If the Eurosceptic Vox party gain more support than expected and form a far-right coalition, then this would likely add further pressure on the Eurozone.
Lastly, the European Parliamentary elections on the 23rd May could see more Eurosceptics come to light, and threaten the credibility of the EU.
So, if we do see the Pound/Euro exchange rate spike up as a result of this, and you have a large currency exchange to carry out, then I can easily assist you with this.
If you don’t yet have all your funds available, we can secure your currency with a forward contract allowing you to secure an exchange rate today for a future payment. This requires a 10% deposit with the balance being paid on a date of your choice, up to one year ahead. I look forward to hearing from you, and please do not hesitate to get in touch.