The rates for buying Sterling with Euros has seen the best exchange rate in almost 4 years during the course of this week as rumours increase that the UK could be getting itself ready to trigger Article 5 by early 2017.
Foreign Minister Boris Johnson has said whilst on a trip that the UK will begin formal Brexit talks by ‘early next year’. This caused the Pound to plummet vs the single currency during Friday’s trading session providing some excellent opportunities to sell Euros to buy Sterling.
If you’ve recently sold your property in Europe or looking at selling shortly then this window of opportunity could be a good chance to take advantage of these lows.
The uncertainty caused by the original vote to leave the European Union caused huge losses for Sterling vs the Euro and until we get any assurances as to when the talks will begin this is likely to cause further problems for Sterling Euro exchange rates.
Many people have been saying what goes down must come up and yes that it true in currency as it’s a cyclical market. However, at the moment there is little positive news coming out from the British economy and the uncertainty surrounding the Pound could cause further weakness for GBPEUR rates.
Next week sees the release of UK GDP data for the second quarter which will cover the Brexit period and I would not be surprised to see the data come out negatively compared to the expectation. Clearly British businesses were uncertain as to the result so are likely to have been keeping their budgets to a minimum during this time so I am anticipating further problems for the Pound vs the Euro by late next week.
The company I work for is a specialist currency broker and we are aimed primarily at helping individuals with their currency transfers. This can be for property purchases, paying invoices, salaries or even living expenses. If you would like to find out how we can save you money on your exchange rates compared to using your own bank then contact me directly for a free quote. Having worked in the industry since 2003 I am confident that I can also help you with your timing.
Please contact me directly with a description of your requirement and I’m sure I can help. Tom Holian [email protected]