GBP/EUR rates broke through €1.14 earlier today, but have been unable to hold on to the gains. The market hit resistance at that level and has not managed to rise any further.
Given the 6% gain for Pound/Euro this months it's not a great surprise that the Pound's bullish run seems to have come to an end.
It's certainly a good time to considering fixing a rate on Euros. Converting £250k to EUR today compared to the start of the month is netting an extra €16,000.00 due to the rise in the value of the Pound.
We offer 'Forward Contracts' that allow you reserve the rate for up to 2 years, by lodging 10% of what you need to convert. This is very useful if purchasing property overseas and you want to avoid the risk of rates dropping back away. To discuss this in more detail, or to get a free quote, click here.
What could move exchange rates for the rest of the week?
Sterling - We have a speech by Mark Carney on Thursday, and when he speaks the Pound usually falls. On Friday we will see House Price data, GDP figures and mortgage approvals, all of which could affect Sterling should the numbers differ from the expected. Also any news about how this week's Brexit negotiations are going will be key and could also affect Sterling exchange rates.
Euro - On Thursday we have the latest confidence measures from the EU along with a speech by an ECB member. Any hint of tapering their QE measures could strengthen the Euro and pull GBP/EUR lower. Friday sees German Retail Sales and unemployment, along with the latest inflationary measures. ECB president Draghi also speaks on Friday, and also any announcements with regards to BRexit negotiations will affect the single currency.
US Dollar - There's much that could affect things this week including speeches by the FED, Jobless figures and GPD numbers, and inflationary measures. GBP/USD is trading close to the best we've seen since the Brexit vote. If this week's data is good, then it could strengthen the USD and bring rates lower again.
If you need to make a currency transfer and wnat to see if we can provide you a better rate, click here for a free quote.
Labels: Best Exchange Rates, Currency, FX, Pound, Pound/Dollar, Pound/Euro, What could move rates this week, Will Pound rise against Euro