Euro buying rates see slight losses (Joshua Privett)

A rollercoaster day on the markets has seen rates move from to multiple highs and lows throughout the day, but as we have become used to with GBP/EUR rates, there was still a net loss over the course of the day.

Little data was released to justify the movement. It was the simple fact that Mario Draghi was speaking again that caused such seemingly random movements when markets had become used to more gradual daily movements recently.

Mario Draghi is the head of the European Central Bank, so his words have a lot of sway. His previous speech 6 weeks ago saw GBP/EUR rates rise by a cent when he announced interest rates would be cut, then Euro buying rates fell by almost 2 cents when he categorically denied that there would not be any further interest rate cuts. This is why markets were so jumpy today, but his speech ended up having no new information.

There was still a slight net loss today and this is likely because news about manufacturing and production figures will be released at 9:30am,

With the recent Steel Crisis these are likely to be unflattering for the UK and therefore weaken the Pound.

I strongly recommend that anyone with a Euro buying requirement should contact me on [email protected] to discuss a strategy for your transfer in order to maximise your currency return.

I have never had an issue beating the rates of exchange offered elsewhere, and these current levels can be fixed to avoid further losses from harming your transfer.