GBP-EUR Rates – Rates Still favourable (Joshua Privett)

Those who have been reading the blog recently will certainly have noticed a pattern! I can assure you I am very surprised to still be writing the same advice. The election is only 13 days away and the rates have yet to drop. Traditionally this does happen in the last few weeks before the election, but due to the dramatic neck-and-neck, uncertain and almost aggressive nature of this election, many, including myself, are surprised this did not encourage rates to drop sooner.

It seems the GBP weakness is being balanced out by the current events in Greece. While they are on course for their repayments, they are fighting every inch of the way. Today they unlocked additional bailout money, an important step. This means they must have demonstrated a clear intent to undergo at least some form of austerity and financial reform.

In general the rates have fallen due to the election. In March we saw rates of 1.42, and they have been as low as 1.36 when the election first began to enter the news cycle. I would not be surprised if this was reached again, and even breached, when rumours about a coalition with the SNP begin to emerge…

So my advice is the same, if you have a Euro purchasing requirement over the next few months, it is important to act sooner rather than later. Even if your funds are not available yet there are options available to you to secure these historic rates and prevent any exposure to what is sure to be an incredibly volatile period. Email me over the weekend on [email protected] to discuss your situation in more detail.