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Will Sterling get stronger against the Euro? (Tom Holian)

Friday, November 25, 2016 22:49
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Sterling Euro exchange rates have this week hit their best level to buy Euros in over 2 months as the UK economy continues to show signs of improvement.

UK GDP data published yesterday morning came in on expectation which provided further evidence that the vote to leave the European Union hasn’t caused as much negativity as some may have predicted.

Indeed, GBPEUR rates have recently hit 1.18 which is better news if you’re considering buying a property in Europe.

The Euro vs the US Dollar is now trading close to its lowest level in over 10 years as the Dollar appears to have strengthened since the US election. Indeed, US economic data has been extremely positive recently and this could result in the US Federal Reserve increasing interest rates at their next meeting due on 14th December. This is causing global investors to sell the single currency and buy the US Dollar which is inadvertently sending GBPEUR exchange rates in an upwards direction.

The UK is still uncertain as to what is happening with Article 50 but there is also a lot of uncertainty both economically and politically on the continent at the moment.

The Italians are holding their own referendum in just over a week’s time and with Italian Prime Minster Matteo Renzi threatening to resign if the results go against him this could cause further political unrest in Europe. Political uncertainty is what often causes negativity for a currency and with such problems this could cause weakness for the Euro sending GBPEUR rates in the direction of 1.20.

Having worked in the foreign exchange markets since 2003 for one of the UK’s leading currency brokers I am confident of being able to offer you bank beating exchange rates as well as helping you with the timing of your transfer of funds whether buying or selling Euros.

If you have a currency transfer to make and would like to save money on exchange rates compared to using your own bank then contact me directly for a free quote and I look forward to hearing from you.

Tom Holian


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