GBP/EUR exchange rates tentative ahead of ECB meeting (Joshua Privett)

The next few days is likely to provide further difficulty for Euro buyers. GBP/EUR rates saw significant slides yesterday with the Euro strengthening rapidly following the revelation of rapid growth in their retail sector as a whole, contrasting one currently struggling in the UK.

On Thursday the European Central Bank will be meeting, its first in six weeks, which will be followed by a speech and press conference from its current President Mario Draghi.

Six weeks ago this event caused GBP/EUR to have its second largest daily slide since the beginning of this year, second only to Boris Johnson joining the ‘Leave’ campaign.

There was speculation at this meeting that the European Central Bank may toy with the idea of negative interest rates in order to protect its economy from the global slowdown, an idea which is being discussed by some countries such as Japan. However, Draghi’s express denial that this will be considered caused confidence in the Euro to skyrocket.

Since this meeting the Eurozone has been posting even stronger data for its most recent performance. Inflation is now outstripping the UK, and monthly growth now matching our own.

This meeting will likely highlight such improvements, and any positive comments from Draghi about similar growth expectations in the future will result in further slides on GBP/EUR as long term confidence in the Euro outshines a UK economy posting stale growth and a looming Referendum.

With this in mind, GBP/EUR rates should begin to price in a positive Thursday for the Euro, as this is one of the few situations where there is an overwhelming consensus in the markets on what to expect during this meeting and press conference.

I would not be surprised if later today GBP/EUR breached into 1.23 territory for the first time since October 2014.

I strongly recommend that anyone with a Euro buying requirement should contact me on 01494 787 478 and ask the reception team for Joshua to discuss a strategy for your transfer in order to maximise your Euro return.

I have never had an issue beating the rates of exchange offered elsewhere, and these current levels can easily be fixed if you do not require your Euros until later in the year in order to avoid the expected falls in between now and Thursday, and indeed in the coming weeks and months as we edge closer to the Referendum.

A brief conversation could save you thousands of Pounds, and anyone hoping to sell Euros can also contact me to discuss the safest way to ride the expected movements in your favour to any peaks within the time period you have to complete your transfer. [email protected]