GBP-EUR Rates Improve – buyers make the most of the recent uplift
1 December, 2017
The Pound had continued to enjoy its recent gains made after it was reported that the UK have agreed to pay the EU between €40-50 Billion on the Brexit Bill bridging the gap between uncertainly for businesses and traders now that the pair are one step closer to discussing the issue of future trading relations. Yesterday saw GBP-EUR rates improve by over a cent.
The EuroZone also posted mixed figures yesterday. Better than expected on the Unemployment rate, up 0.1% than expected, whilst inflation figures were up from the previous 1.4% the data missed the forecasted 1.6%.
The recent market antics have provided a great buying opportunity for those who have been taking the gamble and playing the ‘waiting game’ on rates however these current levels could be short lived. Now the news has settled the markets could well follow suit and it is only a matter of time before the German government is back on track and a coalition is formed which will no doubt provide some strength back to the Euro and push GBP-EUR rates down again.
For those looking to send money to Australia the rates have improved significantly over this months period. The pair had been testing key resistance levels yesterday, so traders will be keenly watching for a breakout above and if this happens, there is a chance that we could see the rate continue higher so certainly one to watch for those who may need to send some Australian Dollars in the coming weeks.
1st December – will GBP-EUR rates improve further, or fall back?
Christmas has officially begun, but don’t let that mask your view on your currency exchange requirements. For the markets it is just another month full of eco stats and data release which can move and alter the rates. It kicks off today with Markit Manufacturing PMI results for the EuroZone and UK in the morning. After lunch attention turns to Canada with their annualized GBP, Participation rate, Unemployment Rate and Net Change in Employment all at 13:30pm. Later in the afternoon we have speeches from 2 FOMC members and the Fed’s James Bullard, and the US also post their ISM Manufacturing and ISM Prices Paid figures. Both expected to post lower that the previous.
If you have a requirement for Euros due in the coming weeks or over the Christmas/new year period and you don’t want to risk the rates pushing back to levels we were experiencing last week then speak to a member of our team to discuss the various money saving options we provide.
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