Purchasing euros with sterling has become more attractive this week for two main reasons. Firstly Theresa May’s shock announcement that the UK will be holding a snap election on the 8th June has provided strength for the pound. The reason for this is that the market feels that Theresa May will win a majority and therefore will have more power when negotiation the final Brexit deal.
Secondly the French election is now on the horizon and anti EU Marine Le Pen is performing well in the polls and is likely to get through to the head to head vote with one other candidate. Le Pen has made it clear a referendum in regards to EU membership will occur if she gets into power and this is lowering investor confidence within the Eurozone.
Me personal opinion is that Le Pen will get through the first round but fall at the last fence and Pro EU candidate Macron will be the next President. However I also thought the UK would remain part of the EU and Donald Trump would not become President of the US. Therefore if I were selling euros to buy pounds in the upcoming weeks I would not gamble on this election and would consequently convert my currency sooner rather than later.
The currency company I work for helps clients repatriate euros from property sales abroad. If you fit into this category and want to make as much sterling as possible feel free to email me with a brief description and I will respond with the process.
For Euro buyers we are sitting close to a 6 month high and I still believe there could be further opportunities in the upcoming weeks. I would recommend again emailing with your requirements and using limit orders to achieve certain rates of exchange that you have set [email protected].
If you are already using a brokerage I would recommend comparing rates. An email which will take you 30 seconds could make or save you thousands in the future.