The Pound has begun the year without much clear direction following what had been quite a difficult festive period for buying Euro exchange rates.
GBP/EUR in particular seems hell-bent on remaining anchored around the 1.17 mark, with rates frequently dipping above and below this mark multiple times each trading day.
This is quite similar to how markets were behaving in the middle of October, where highly anticipated news releases such as the US Presidential election and the Judicial Court’s decision on the role of Parliament in the Brexit process were keeping most rates stable until the results were released.
It is now common knowledge that similar constraints on GBP/EUR exchange rate movement are being placed as we await for the result of the appeal on November’s Judicial Court decision later this month.
The heavy expectation is for the Supreme Court to uphold the Judicial Court’s decision in November to allow Parliament the vote on triggering Article 50, which contributed to the strong Sterling boost that month – and is why most major financial institutions expect a mirroring of this Sterling strength in January.
Thus Euro buyers could see a sudden boost to their buying rates similar to the fortuitous movements tallied in November, but with so much of the current market changed by an evolving political landscape, this could change relatively quickly. It is best to be in a position to move quickly, and if you wish to conduct a currency transfer around this event, there are a number of options available to help you maximise the potential improvements offered, translating into greater Euro returns for your Sterling.
Feel free to email me directly overnight on [email protected] for more information.
The key piece of data this week will be Friday’s unemployment figures in the US, which will send ripples throughout the financial markets, and if last month’s was anything to go by, will likely present further opportunities for Euro buyers with tempting spikes emerging.
With a positive short-term view for anyone buying a foreign currency, and the anticipation of medium term gains, anyone looking to sell Euros should be wise to look at their options to protect an upcoming transfer into Sterling from becoming more expensive.
I strongly recommend that if you have a planned transfer either to buy or sell Euros or Dollars before April this year, you should contact me overnight whilst markets are quiet on [email protected]. I will respond as soon as I am able to discuss a strategy for your transfer to ensure tempting levels are seized quickly, and that your upcoming transfer is protected from any prospective dips in the marketplace.
Furthermore, I have never had an issue beating the rates of exchange on offer elsewhere, so a brief conversation should save you thousands on an upcoming transfer. I am happy to provide a quote for your transfer to demonstrate this. You can also pre-book your currency any time you wish, particularly if the levels are attractive, for a future purchase up to 18 months in advance.
I have had quite a few new clients recently who said their previous broker suggested they had to move immediately with the formal Brexit proceedings looming, but in this market, as has been proven in recent months, there are still heavy opportunities for foreign currency buyers even in the next few weeks.
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