Before the EU summit in June, the UK will release a whitepaper outlining their position on Brexit and the whitepaper is being labelled as the most important publication since the UK voted out of the EU in 2016. David Davis the Brexit Secretary has stated the white paper will be detailed and precise which should help give direction for GBPEUR exchange rates.
At present the UK and EU are still struggling to come to an agreement in regards to the customs union and the Irish border, which is no surprise. The UK in the words of the EU are continuing to ‘cherry pick’ which the EU wont allow and this I believe will be the down fall in the pounds value.
Even though GBPEUR exchange rates have dropped a few cents since the higher points last month, I still believe if you are buying euros within the next quarter now is the time. For clients that are new to currency and are planning to make a one off transfer, it’s key to note that GBPEUR exchange rates are still 7 cents higher compared to the low points seen since the Brexit vote.
To put this into monetary value, if you are buying a property in Europe and need to pay the balance, on a €200,000 purchase you are paying £9,800 less.
In other news eurozone inflation data is set to be released at 10am. Eurozone inflation is watched closely by investors as the inflation numbers have a major impact on future monetary policy decisions. Core inflation has been on the slide in recent months and if this continues I would expect that the ECB would have to continue the QE program past the end of the year. This mornings release could put pressure on the European Central bank if Core inflation drops below 0.7%.
The currency company I work for has won numerous awards for exchange rates therefore it enables me to trade GBPEUR / EURGBP at rates better than other brokerages and high street banks. I would recommend sending an email with a brief description of your requirements and your timescales (this is very important, the length of time you have will change your options) and I will email you with my strategy and the process of using our company firstname.lastname@example.org. 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!