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GBP/ EUR progressively drops due to Greece striking a deal with creditors and poor UK economic data.
Over the last three months Greece had stolen the headlines with speculation of a possible ‘Grexit’. Greek Prime Minister Alexis Tsipras had been constantly negotiating with Eurozone leaders to secure a third bailout and stop Greece from going bankrupt. The talks caused serious volatility within the currency markets and GBP/ EUR exchange rates spiked into the 1.44s. Finally, over a week ago, Greece won a conditional agreement to receive a third bailout, set to run for the next 3 years.
Last week we saw a contraction in the UK retail sector, normally a fantastic performer compared to global competitors and also poor industrial confidence figures yesterday morning. Poor economic data and a deal with Greece has pushed exchange rates back towards the 1.40 level. For clients who held on hoping Greece would leave the euro I am now of the opinion the window of opportunity for buying euros at the high has gone.
Over the last 7 days GBP/ EUR rates have dropped 3 cents. I think this trend could continue over the next month and GBP/ EUR exchange rates could drop back into the 1.30s. To put it simply if you bought €100,000 7 days ago it would have been £1,500 cheaper. For clients needing to buy euros within the next 30 days I would recommend getting in touch as soon as possible to book a rate. Feel free to drop me an email with your requirements and I will reply accordingly [email protected] (Dayle Littlejohn).
Source: http://www.eurorateforecast.com/2015/07/28/gbp-eur-progressively-drops-due-to-greece-striking-a-deal-with-creditors-and-poor-uk-economic-data/
