Euro strengthens as migrant crisis agreement is made at EU Summit

Italian debt fears steepen

The Euro has strengthened across the board of major currency pairs today, as in the early hours of this morning an agreement has been made between EU leaders regarding the migrant crisis and how to best deal with the issue.

Talks continued for 10-hours and news of the agreement has pushed the Euro rate higher. The currency is trading at a 3-month high against the Pound making it a good time to convert Euros into Pounds.

The agreement ensures that ‘voluntary centers’ will be set up in Europe and these will be used to determine whether the refugee’s are genuine or not. The issue was a great matter of contention and has threatened to break up the EU with Italy threatening to veto the EU’s agreements if a reasonable solution wasn’t put forward. The Italian Prime Minister has since stated that ‘Italy no longer stands alone’ and the news is also good for Angela Merkel, the German Chancellor as there were concerns of a split in her camp regarding the matter.

Moving forward this topic is likely to continue influence the GBP/EUR rate, and today at the EU Summit Brexit is expected to be the main topic so there could be further updates from the Summit that influence exchange rates. If you would like to be kept updated in the event of a major move for the pair, do feel free to register your interest with me.

If you have a large 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 jxw@currencies.co.uk and I will endeavour to get back to you as soon as I can.