Anti-climax on the markets following Greek ‘NO’ vote in referendum (Joshua Privett)

I was up at 4 am this morning to see how GBP-EUR rates were behaving while Asian markets had opened, hoping to get some insight into how markets would behave today. Within 10 minutes the rates went from 1.401 to 1.415! It then settled down around 1.408, suggesting that we were in for a volatile day once UK and European markets opened. However, today was largely an anti-climax. Rates got up once again to a high of around 1.414, but are now settled just below 1.41.

This disappointment for many Euro buyers is a lesson on market mentality. Most Euro holders ditched the single currency as soon as the referendum was announced, which pushed us back above the 1.40. The announcement of a NO vote only scared the last few remaining Euro holders who were ‘on the fence’ out of the Euro, weakening it further but only slightly.

It would not be a stretch to say that the GBP-EUR rates on offer today could be the best available for the rest of 2015. The Greek referendum was called as a negotiation tactic for the Greek government to receive a better bailout deal through a popular mandate. Essentially the nation stated ‘we won’t accept this, so offer us something more palatable if you want to see any money paid back at all’. The results will be used to try and achieve long term stability for Greece and the Eurozone in partnership. So while many were disappointed the rates did not climb higher, myself included, the progression of new talks (with a new Greek finance minister) will likely yield positive results, and move rates away from our highs at 1.40.

The last time talks went positively, GBP-EUR rates moved down by 6 cents in 7 trading days, which is why I believe these current highs may now be the best available for the rest of 2015.

Those with Euros to buy should call into 01494 787 478 today and ask for Joshua to receive a free quote on their exchange and some advice on how to buy at the high of the day (or year…). Those who do not have a requirement until later in the year do not have to wait until then and miss out, these rates can be pegged at no additional cost so that you do not have to hope the rates you have to purchase at will be in the same league as they are today. [email protected]