After being in the industry for many years, to this day I am still fascinated at how exchange rates can change so quickly off the back of unforeseeable news.
It was only two weeks ago, UK Prime Minister Theresa May was planning to invoke Article50 and start the process of leaving the EU in March. Breaking news from the UK last week was that the High Court ruled that she does not have the power to invoke the treaty on her own and she needs to get the approval of parliament.
The problem that Theresa May has is that Lib Dem leader Tim Farron has stated his party would impose it and other MPs from Labour have hinted to follow, if Theresa May does not change her stance in regards to how the UK leave the EU or unless their is a 2nd referendum.
The shock news this week came from the US when Republican Donald Trump won the race to the White House and was elected President. Many analysts believe that Trumps appointment has put Brexit concerns to one side for the time being and thats why the pound has gained momentum against the euro and dollar. However I personally believe Trump becoming President has raised hopes that the UK could negotiate a trade deal with the US if a Brexit occurs in March.
As for rates of exchange the pound has risen 5 cents in the last 5 days against the euro, which means a well timed €200,000 purchase is now £7,500 cheaper!
Unfortunately for euro buyers this is likely to be a temporary this spike in the market and rates of exchange will fall back towards the low teens that we come accustom to over the last couple of months due to Brexit talks will be back in the media in the upcoming weeks.
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 (EURGBP, EURUSD, EURAUD) and the reason for the transfer (company goods, property purchase) and I will response with my forecast and the options available to you firstname.lastname@example.org. 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! **