Is not the time to buy euros? (Dayle Littlejohn)

GBPEUR exchange rates over the last 4 weeks have fluctuated 5 cents. If a client purchased €200,000 at the top end of the market compared to the bottom they would have saved themselves £7,250.

GBPEUR peaked due to Theresa May’s shock announcement that the UK would hold a snap election on June 8th. Furthermore volatility caused due to the French election was devaluing the euro. However rates of exchange have dropped from the peak as Pro EU candidate Macron, won the first round ahead of anti EU candidate Marine Le Pen.

The golden question for euro buyers and sellers is whether to buy or sell now or wait until the election is over. Personally depending on how much risk you are willing to take will influence your decision.

The consensus with bookies and the polls is that Macron will win the election and become the next President on the 7th May. However the polls also predicted Hilary Clinton would become the next President of the US and the UK public would vote to remain part of the EU.

Personally I agree with the polls and I believe GBPEUR exchange rates are going to fall in the upcoming weeks. Therefore if you are buying euros short term I would take advantage of the exchange rates at present. Where as if you are selling and wish to gamble waiting for the election to be over could generate you an extra few cents.

HOWEVER and its important to note, when the UK unexpectedly voted out of the EU, exchange rates dropped 5 cents in 24 hours. If we see Marine Le Pen win the election I expect GBPEUR exchange rates could rise by 2-3%.

If you are buying or selling Euros in the upcoming months and are looking to achieve competitive rates of exchange whilst receiving regular economic information feel free to email me the reason for the transfer (company invoice, property purchase) the timescales you are working to and I will respond with the options available to you along with the process of converting currency. My direct email address is [email protected] and I look forward to receiving your email.