Is now the right time to buy Euros with Sterling?
At present GBP/ EUR is at a 7 year high for Euro buyers. I have been asked the same question over the last 2 weeks ‘will GBP/EUR rise back to the 1.42s in the upcoming months?’ and my response has not changed. I believe there is more chance of GBP/EUR falling back to 1.35 than making gains to the 1.42s. My predictions are based on two main reasons.
Firstly with the UK general election only 22 days away, polls suggest there is no front runner and its likely the government will be made up of a coalition like previous. This is set to cause uncertainty within the markets which should weaken sterling, therefore pushing GBP/ EUR back towards the 1.35s.
Secondly Greece is weakening the Euro as talks are still on going over debt repayments and a possible Greek Exit. In recent weeks Alexis Tspiras (Greek Prime Minister), has even gone to the lengths of meeting Putin from Russia for a possible bailout. I believe Alexis is bluffing and has no desire to leave the Euro as he knows by doing so I would isolate the trading going in out of Greece. Furthermore, I also believe Eurozone ministers will not allow Greece to leave because if Greece left we could see other countries follow suit and therefore this would in my opinion be the start of the end for the Eurozone. Therefore if all is resolved with Greece in the upcoming weeks the uncertainty will be eliminated and again I think this will push the exchange rate back towards 1.35.
If you are purchasing a property abroad in the upcoming weeks/ months it may be wise to buy your Euros now. If you waiting for your house to sell for example there is an option where you secure the rate today and pay later. This is known as a forward contract. For more information feel free to email me on [email protected] or alternatively call 01494 725 353 and quote Dayle Littlejohn.
Source: http://www.eurorateforecast.com/2015/04/15/is-now-the-right-time-to-buy-euros-with-sterling/
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