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Expat currency update: GBP/EUR Exchange Rate Tumbles as UK Enters Lockdown

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Are you considering relocating to a new country? With a series of expat currency updates, Ocyan helps expats understand the foreign exchange market and how it is influenced by the lockdown. Learn more about the Brexit and benefit from a trustworthy service to transfer your money. Let’s connect …

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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 currency update for the latest news and move your money at the right time.

Pound’s Brexit Rally Cut Short by New Lockdown Measures

The Pound to Euro (GBP/EUR) exchange rate made steady gains through last week’s session as markets reacted to the news that the UK and EU had managed to reach a last-minute Brexit trade agreement on Christmas Eve.

The fact that the UK would not face a cliff-edge Brexit in 2021 buoyed GBP investors despite a number of analysts expressing their concern over the exclusion of the vital service sector from the new trade accord. Sterling’s gains were accelerated through the latter half of the week after MPs overwhelming backed the deal in parliament. However, the Pound subsequently relinquished most of these gains at the start of this week’s session as a worrying surge in UK coronavirus cases stoked fears that the UK could face tighter restrictions. These concerns proved well-founded when Boris Johnson imposed a strict national lockdown later that evening.

Meanwhile, the Euro struggled through last week’s session as the detection of the more infectious strain of the coronavirus in most parts of Europe, as well as some profit taking in year-end trade, weighed on the single currency. But the Euro has been quick to rally so far this week, benefitting from a pullback in the US Dollar.

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How to Save Money When The Lockdown 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 ranging 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.

Coronavirus Concerns to Cap Sterling

Looking ahead to the remainder of this week, it appears likely we will see the Pound remain broadly pressured by the new lockdown. GBP investors are likely to express their concern over the potential economic impact of the latest lockdown, particularly amid suggestions the measures could last until March. Sterling sentiment may also be influenced by a speech from Andrew Bailey on Wednesday, as the Bank of England (BoE) governor is likely to comment on how the new lockdown will have affected the BoE’s economic outlook.

On the data front the only UK release of note will be December’s finalised services PMI. Will an upward revision see the sector avoid a contraction last month and lend some support to Sterling? Meanwhile, broad weakness in the US Dollar looks likely to extend the Euro’s bullish momentum this week, due to the negative correlation in the pairing. However, the single currency could face some headwinds later in the session, if the Eurozone’s consumer price index shows that the bloc remained in a state of deflation last month.

Are you looking for help regarding other financial services linked to your move? Here are some useful articles:

What Does this Mean for Expats?

If negative coronavirus headlines continue to weaken the Pound, expats using GBP to purchase Euros may get less for their money. However, a weaker Pound would be good news 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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