With GBPEUR dropping like a stone, euro buyers are asking will exchange rates return to the higher teens or twenties any time soon? Unfortunately the longer people leave buying euros I believe there is a good chance rates will get worse.
This week GBPEUR started trading Monday morning at 1.1543 and presently is now trading 2 cents lower which means a €200,000 purchase is now £2,700 more expensive.
At 12:30 today the ECB are set to release their latest Monetary Policy Meeting Accounts which contain an overview of financial markets. The aim of the meeting accounts is for the public to get a deeper understanding of the economy. With the state of the European economy these meeting accounts can provide euro weakness. If you are buying euros today holding out to this data release could improve your chances of a slightly better rate.
Friday at 1:30pm the US are set to release their latest Nonfarm Payroll numbers and Unemployment rate. These two data releases can have an impact on euro exchange rates. If we see a positive reading speculators could sell off their euros to buy dollars, where as a negative reading could lead to a US dollar sell off to buy euros.
Unemployment numbers are set for no change and Nonfarm Payroll numbers are set to exceed last months figure. I expect the euro therefore could weaken Friday afternoon.
If you are buying or selling euros this week, month or year and I have not covered the currency pair you are trading, I would recommend emailing me with the currency pair (EURUSD, EURGBP, EURAUD) and the reason for the transfer (company goods, property purchase) and I will response with my forecast and the options available to you email@example.com. Alternatively if you would like to discuss your requirements over the phone call 01494-787478 and ask to be put through to Dayle Littlejohn.
** If you are already using a brokerage and would like to know if you are receiving the best rates possible email me with the exact figures and I will reply with our live price. This will take you a few minutes and in the past I have saved clients thousands! **