Euro buyers were faced with the best buying levels seen so far this week, even if only by a small margin as the pair have remained very flat so far this week.
I personally think that the Pound has found some stability at its current level as GBP/EUR has found support in the 1.13’s with the pair rarely dipping below 1.1350.
In this flat market both clients looking to buy Euros at better rates and the markets in general will be looking for the next market mover, and in my experience after such a long period with little movement there can be a big swing once the reasons are there.
There is potential for market movement later today as ECB President Mario Draghi will be speaking. He tends to be quote positive and often we see the Euro strengthen in the wake of his comments or even during his speeches.
Interestingly analysts at UniCredit (a large Italian bank) believe that although an interest rate hike in the UK is premature, the expectations of a hike could result in Sterling gaining by up to 4% against both the US Dollar and the Euro.
A good way of taking advantage of short-term spikes in the market can be setting up a Limit Order. This way clients can set up an automatic order to trade at a higher level should that level become available.
If you have a currency exchange to carry out in the coming days, weeks or months then you are more than welcome to speak with me directly as I will be more than happy to help you both with trying to time a transaction and getting you the top market rate when you do come to buy your currency. A small improvement in a rate of exchange can make a huge difference so for the sake of taking two minutes to email me you may find you save yourself hundreds if not thousands of Pounds. You can email me (Joseph Wright) on firstname.lastname@example.org and I will endeavour to get back to you as soon as I can.