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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.
Pound Skyrockets as BoE Pours Cold Water on Negative Rates
The Pound to Euro exchange rate struck higher through the latter half of last week in response to a weaker Euro. The drop in the single currency came on the back of some lacklustre Eurozone data releases, with the bloc’s latest consumer price index and retail sales figures both printing below expectations. This helped to offset warnings from Boris Johnson and his ministers that England’s lockdown could extend into March. The Pound then got off to a slow start this week amidst a worrying rise in UK coronavirus cases, which stoked fears the government may impose tougher restrictions.
However, Sterling sentiment then rocketed on Tuesday in the wake of comments from Bank of England (BoE) Governor Andrew Bailey, in which he downplayed the chances of the BoE slashing interest rates below zero as he suggested ‘there are a lot of issues’ with negative rates.
Meanwhile, the Euro came under pressure in the first half of this week, amidst a jump in the US Dollar as well as reports that Germany’s lockdown could be extended until April.
Keep reading to discover all the advantages of transferring you money with no transfer fees. Get covered and maximize your returns on currency transfers despite the markets fluctuations
German Budget in Spotlight
Looking ahead to the remainder of this week, the focus looks to be on the publication of Germany’s budget for the coming year. EUR investors will be eager to see how the German government will support the country’s economic recovery from what is undoubtedly a double-dip recession. Should the budget fail to impress, we could see the Euro maintain its downward trajectory through the rest of the session.
Meanwhile, GBP investors will keep a close eye on UK coronavirus developments, as any further surges in cases will put more pressure on the government to tighten restrictions. Also influencing the Pound will be the publication of the UK’s latest monthly GDP figures, with the Pound potentially facing headwinds as November’s release is forecast to report a sizable slump in economic growth due to the lockdown in place at the time.
How to Save Money When New Lockdown Measures Causes Fluctuations in the Exchange Rate Market
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.
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
All of this is possible by subscribing for free at Ocyan and benefit from all the advantages that our trustworthy partner – Torfx, offers.
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
What Does this Mean for Expats?
If a lacklustre German budget puts more pressure on the Euro, 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 and benefit from other advantages.
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