The Euro has risen significantly against the pound this afternoon in part due to the IMF looking to bailout Greece. If you have a transaction to make selling Euros then these are close to some of the best rates we have had since January. The market is looking more and more likely to favour Euro sellers, please speak to me if you have any transfers you will need to consider selling Euros.
The overall position for Euro sellers is that we will need to see some big movements on the currency markets in order for them to get to the kind of levels that we saw last October. Most investors are awaiting further developments in the triggering of Article 50 as there is a strong likelihood that the market will continue to favour Euro sellers. If you have a transfer to consider buying Euros it does look like this will become more expensive in the future. The overall position for the Euro is likely to jostle between 1.11 and 1.16, If you are buying Euros and hoping for further improvements you could be waiting some time.
If the pound falls further this will become a much more expensive transaction for clients looking to buy Euros. If you have a transfer selling Euros the market will continue to be very favourable and it might improve further but be aware it might become more costly for you in the future if something unexpected happens.
Next week is a whole host of new economic data which could easily move the rates for you. If you wish to discuss the rates or the market please speak to us about all of your options and the best way forward in this uncertain market. Please email me Jonathan Watson for further information on email@example.com.