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Sterling hits 2 month high to buy Euros (Tom Holian)

Friday, November 18, 2016 22:50
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Sterling Euro exchange rates have experienced a rather volatile end to the week ending very close to the best rate to buy Euros for 2 months.

Yesterday the president of the European Central Bank Mario Draghi spoke in Frankfurt and addressed the markets about current European monetary policy. He stated that the central bank still has a willingness to be open to further monetary easing and the Eurozone’s recovery depends on it. Therefore, with the ECB next due to meet on December 8th I would not be surprised to see further QE takes place in addition to the current amount of EUR80bn.

He went on to say that ‘we cannot be sanguine over the outlook’ and at the moment there are a few factors that could cause further problems for the single currency. Inflation is still worryingly low and this is another reason why I think we’ll see further monetary easing next month which could weaken the Euro against Sterling.

Indeed, the Euro is currently close to its lowest level against the US Dollar in over 10 years which is why we have seen the Pound make gains against the Euro during the course of the week.

Turning the focus to Europe there are a number of problems on the continent especially when we consider what is happening next month when the Italians hold their own referendum. 2016 has so far seen a huge amount of change politically with Brexit and recently Trump so to me I would not be surprised to see further change in Italy next month.

However, Sterling is not yet out of the woods and until we get some form of certainty as to when or even if Article 50 will be triggered we could see further volatility for Sterling in the weeks ahead.

Indeed, if you’re in the process of buying or selling a property abroad and worried about the ongoing volatility it may be worth looking at buying a forward contract which allows you to fix an exchange rate for a future date for a small deposit.

Having worked in the currency markets since 2003 I am confident that not only can I offer you bank beating exchange rates when buying or selling currency but also help you with the timing of your transfer.

If you need to make a currency transfer and would like further information about the process or a free quote then contact me directly and I look forward to hearing from you.

Tom Holian

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