The timing of your exchange is critical to getting the best exchange rate on an international money transfer. Holding on or moving sooner by only a few days can literally save you thousands of pounds. But how do you know when to hold on and when to move quickly?
There is of course no way of exactly knowing what will happen on the rate but a bit of planning and research with one of our team can help to get a better deal. Looking ahead to this week the pound looks like it could have a better day on Wednesday whilst Thursday and Friday may be better days for the Euro. That being said this week I would look to buy Euros on Wednesday, sell on Friday.
Wednesday sees the release of the Public Sector Net Borrowing figures, Retail Sales and the Bank of England Minutes. There is a high chance this will create some sterling volatility! There is an expectation borrowing could come in lower than expected and lower than the previous month which would be good news for sterling. Also it is likely there will be nothing new for the pound in the Minutes from the Bank of England which would lead to a slight relief rally for the pound. If we are still floating around 1.18 Wednesday morning a push higher to 1.19 would not seem out of the question.
Thursday we have the latest revision of GDP (Gross Domestic Product). If you have been keeping an eye on the rates, this was the event which last month pushed the pound close to 1.19 against the Euro. The recent confidence for sterling has been underpinned by the last release. Any deviation from that hallowed ‘0.3%’ growth could easily cause the pound to suffer (or gain).
Friday sees attention back in Europe with German business confidence surveys and German GDP. I expect the Euro to make some gains on this release although of course it could go the other way.
If you find the above interesting and would like to learn more or even get a slightly longer term forecast please contact me. The best way to ensure you do not miss out on the best rates of exchange is to register an interest with myself. I can then keep an eye on the market for you and let you know of any trends that develop so you can act quickly. For more information or for a free, no obligation discussion of your exchange please feel free to contact me Jonathan directly on [email protected] or call 01494 787 478 and ask to speak to me Jonathan.