When the UK public decided a leave vote was the way forward in regards to EU membership, many economists predicted a recession. GBPEUR exchange rates consequently fell to 1.1480. In recent weeks the pound has made back some of the losses and central levels are now fluctuating around 1.1950.
What does this mean if you are buying euros? Well if you are buying a property in Europe a €200,000 purchase is now £6,850 cheaper compared to the lows we saw a few weeks ago.
The reason why the pound has spiked against the euro is economic data for the UK has been released better than expected. Retail Sales, Unemployment rate and yesterday’s PMI data have all exceeded expectation. Further to this the IMF issued a dovish statement this weekend at the G20 summit, suggesting all major EU economies must use all available economic and financial tools to keep the eurozone from becoming stagnant.
Looking ahead I still believe the UK will show a contraction at some stage and therefore the pound will weaken however with the euro struggling the question is which currency will weaken more than the other. Personally I wouldn’t be surprised if GBPEUR exchange rates are fluctuating in the lower teens by Christmas.
The currency company I work for has won numerous awards for exchange rates therefore it enables me to trade GBPEUR / EURGBP at rates better than other brokerages and high street banks. I would recommend filling out the form below or emailing me with a brief description of your requirements and your timescales (this is very important, the length of time you have will change your options) and I will email you with my strategy and the process of using our company firstname.lastname@example.org. Alternatively if you would like to discuss your requirements over the phone call 01494-787478 and ask to be put through to Dayle Littlejohn.
** If you are already using a brokerage and would like to know if you are receiving the best rates possible email me with the exact figures and I will reply with our live price. This will take you a few minutes and in the past I have saved clients thousands! **