Sterling Euro exchange rates have fallen to their lowest level to buy Euros since November 2013 which is great news if you’re looking to sell Euros to buy Sterling.
Many of my clients who have sold property in Europe were waiting to see what happened with the Brexit vote and the gamble has paid off for those willing to take the chance.
On the night before the vote the bookies had the odds set at 10-1 on to remain so when the vote came out this saw GBPEUR rates plummet.
In the 13 years that I have been involved in the foreign exchange markets I have never seen a movement so large on a single day for Sterling against the Euro.
Bank of England governor Mark Carney has suggested that we could be in for an interest rate cut and also another cash injection of as much as £250bn in order to settle the UK economy. This was taken well by the stock market but not for Sterling as the additional suggestion of further stimulus has caused weakness for Sterling vs the single currency.
We are also experiencing one of the most uncertain period for British politics in a long time. Prime Minister David Cameron has announced his resignation for October and Labour leader Jeremy Corbyn is facing a vote of no confidence. Until some form of certainty returns I think we could see further losses for Sterling vs the Euro in the weeks to come.
Therefore, if you need to buy or sell Euros and are worried about the future you may choose to purchase a forward contract which allows you to fix an exchange rate for a future date for a small deposit.
If you have a currency transfer to make and want to save money on exchange rates compared to using your own bank then contact me directly for a free quote. Tom Holian [email protected]
I look forward to hearing from you.