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If you’re an expat and need to move money between your home and adopted country, securing the right exchange rate for your currency transfers can make a big difference to how much you receive.
Read our latest currency update for the latest news and move your money at the right time.
Pound Bolstered as Investors Hail UK’s Accelerated Vaccine Rollout
The Pound to Euro exchange rate has struck higher over the past week, largely driven by optimism over the ramping up of the UK’s vaccination programme.
The UK now leads the Western world in its vaccination efforts, with over 4 million people having received at least one dose at the time of writing, bolstering Sterling sentiment on hopes it will allow the government to begin easing the national lockdown sooner rather than later.
In addition, the Pound has also been supported by some positive data releases over the past week, with a narrower-than-expected contraction in GDP in November and a surprisingly strong acceleration in domestic inflation last month both contributing to the rise in the GBP/EUR exchange rate over the past week.
The Euro, meanwhile, experienced some selling pressure last week following the publication of the minutes from the European Central Bank’s (ECB) December policy meeting, in which members of the Governing Council expressed their concerns over the recent appreciation of the Euro and its negative impact on inflation.
This week has seen the Euro make some tentative gains due to a pullback in the US Dollar, however the single currency has struggled to consolidate these gains as a result of political uncertainty in Italy and ongoing concerns over the slow pace of vaccination rollouts across Europe.
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How to Save Money On Your Currency Transfers
New lockdown restrictions are causing fluctuations in the exchange rate market.
International moves can involve various monetary decisions – from investment in foreign property, to international money transfer and moving savings. Securing an exchange rate will protect you from any unfavourable shifts in the currency market. Moreover, conducting currency transfers without charging fees means saving money which could be spent enjoying your new life abroad as an expat.
Start maximising your returns when saving money. Among others, remarkable advanteges are:
- Get a free quote
- No transfer fees
- Technology based service to save you time
- Maximized returns on your currency transfers
Are you looking for help regarding other financial services linked to your move? Here are some useful articles:
- Open Your Bank Account Before You Settle Abroad With Ocyan
- Rental Deposit Guarantee | Deposit-Free Renting
- Coya – A new way of experiencing insurance
UK and Eurozone PMIs to Help Gauge Lockdown Impact
Looking ahead to the second half of this week, a key focus will be on the latest PMI estimates from both the UK and Eurozone.
Unsurprisingly given the national lockdowns in place in the UK and throughout the Eurozone, January’s preliminary figures are expected to report a contraction of economic activity in both areas, but with the UK’s private sector forecast to see a larger slump, will the PMIs have a larger impact on the Pound?
A slide in Sterling could be further reinforced by the UK’s latest retail sales figures if they report sales growth undershot expectations last month as a result of the curbs placed on Christmas gatherings.
Also of note to EUR investors will be the conclusion of the ECB’s first policy meeting of 2021.
While the ECB is not expected to make any policy changes this week, the Euro could be pressured if policymakers continue to voice their concern over the strength EUR exchange rates.
What Does this Mean for Expats?
If the UK’s vaccination programme continues to impress, expats using GBP to purchase Euros may get more for their money. However, a stronger Pound would be negative for any expats sending money back to the UK.
When you need to move money abroad talk to currency experts TorFX and find out how to make your money go further. Click here to get a free quote or to access their online trading platform to view live rates register here.
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