In today’s update about when to sell Euros, we’ll see that the EUR’s recent upturn against GBP has been sustained this week. The single currency is finding plenty of support below 1.12 against the Pound.
GBP/EUR rates have dropped again this morning, with the EUR hitting a high of 1.1120. The current levels are some of the best we’ve seen for EUR sellers this year. The Pound is struggling to make any impact of note due the ongoing uncertainty around Brexit.
Until a new Prime Minister is officially announced and their Brexit mandate becomes clear, while Boris Johnson looks set to win the race for number 10, investors are likely to remain cautious. In turn, this is likely to restrict any major upturn for GBP, which has seen its value slowly dwindle against the EUR over the past weeks.
EUR sellers may be pleasantly surprised by its current upward trajectory against the Pound. This is particularly when they consider that the Eurozone economy has been showing huge signs of strain over recent months.
Is the Euro going up or down against the Pound?
The latest issue to arise is the deepening financial crisis in Italy and their current stand-off with Brussels. The Italian economy, which is the EU’s fourth largest (the UK was/is second) has been less than solid over the past few months. With the Italian government now trying to take over the Bank of Italy, a scenario the EU are keen to avoid, its seems as though a resolution to the ongoing feud is less than forthcoming.
The debt crisis in Italy is just one of the economic problems facing the Eurozone at present. The European Central Bank (ECB) President Mario Draghi recently suggested that the central bank may look to reintroduce Quantitative Easing (QE) to help kick-start their flagging economy. With the possibility of an interest rate cut by the ECB, it is clear that all is not well inside the Eurozone economy, despite the EUR’s current highs against GBP.
For this reason, you can argue that the current sell prices against the Pound offer an excellent opportunity for those clients holding the single currency. The EUR is struggling to mirror its upturn against Sterling against the other major currencies.
If you have an upcoming EUR currency transfer to make, you can contact me directly on 01494 787 478. We can help guide you through this turbulent market. As a company, we have over eighteen years’ experience in helping our clients achieve the very best exchange rates on any given market.
Our award-winning rates can be accessed very easily over the phone and I can keep you posted with key market developments, ahead of any prospective exchange you need to make.
Feel free to email me, Matthew Vassallo, directly on firstname.lastname@example.org to find out all the options available to you ahead of your currency transfer.