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If you’re an expat you may need to move currency between your home and adopted country. Securing the right exchange rate for your money transfers can make a big difference to how much you receive.
Read our latest expat currency update for current news and move your money at the right time.
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
- Get your finances up to speed when you move to Germany
Pound Rocked by Brexit Uncertainty
The Pound to Euro (GBP/EUR) exchange rate has fallen back over the past week, striking its worst levels since early November, mostly as a result of heightened Brexit jitters. This saw Sterling trend lower through the latter half of last week, amidst uncertainty whether or not the EU’s chief Brexit negotiator, Michel Barnier, would travel to London to continue trade negotiations.
Resuming trade talks did manage to bring some cheer to GBP exchange rates through the first half of this week, particularly on the back of reports that the UK and EU had entered the so-called ‘tunnel’ stage of intensive negotiations.
However, the Pound swiftly fell from grace after these reports proved to be false, with GBP/EUR slumping to a three-week low after Barnier warned that a deal hangs in the balance. The Euro, meanwhile, was propelled higher through the second half of last week courtesy of its negative correlation with the US Dollar (USD), which experienced a prevailing selling bias.
This uptrend in EUR exchange rates persisted into this week as the USD sell-off continued, offsetting some underwhelming Eurozone data releases.
What are the advantages for expats?
Expats can be influenced by this GBP/EUR fluctuating movements. By securing an exchange rate you can benefit from the value already fixed no matter if the market is less favorable.
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 ot Ocyan and benefit from all the advantages that our trustworthy partner – Torfx, offers.
Brexit Remains Clear Risk to Sterling
Looking ahead, Brexit will undoubtedly continue to act as the main catalyst of movement in the Pound to Euro exchange rate. This is likely to leave Sterling exposed to additional losses so long as headlines remain broadly negative, as each day that passes without a deal sees the risk of a no-deal Brexit rise. Of course, should a breakthrough be found then we can expect to see the Pound surge.
At the same time, the Euro is likely to maintain its upward trajectory providing the USD sell-off persists, and especially if the EU gives its approval for a coronavirus vaccine to start to be rolled out. However, these gains could be tempered somewhat by upcoming EUR data releases if they continue to print below expectations, fuelling fears of a double-dip recession.
What Does This Mean for Expats?
If the GBP/EUR exchange rate continues falling on negative Brexit reports, expats using Sterling to purchase Euros may get less for their money. However, a weaker Pound is good news for expats sending currency back to the UK.
When you need to move money abroad talk to currency experts at TorFX and find out how to make your money go further. Click here to subscribe for free on Ocyan and access TorFX. Get a free quote or access the online trading platform to view live rates.
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