Are you considering relocating to a new country? With a series of expat currency updates, Ocyan helps you understand the currency exchange market. Know more about the Brexit and benefit from a trustworthy service to transfer your money. Let’s connect …
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 Slides Following Crunch Brexit Talks
The Pound to Euro exchange rate has fluctuated dramatically over the last week as conflicting headlines emerging from UK-EU Brexit trade talks continue driving volatility in the pairing. Going into last weekend a sense of optimism that a UK-EU trade deal could be agreed pushed the Pound higher.
However, these gains were short-lived as the pound crashed at the start of the week on the back of reports that a UK official suggested the chances of a deal were ‘receding’, while the UK accused the EU of hardening its stance.
After recovering some lost ground, the Pound came under more pressure as the UK and EU commented on ‘significant differences’ remaining on key issues. This prompted Boris Johnson to travel to Brussels for face-to-face crunch talks with European Commission President Ursula von der Leyen, which failed to yield a breakthrough and sent the Pound tumbling.
Meanwhile, the Euro, hit two-year highs ahead of last weekend due to its negative correlation with the weakening US Dollar amid risk-on trade. However, Brexit concerns also weighed on EUR at the start of the week, as did a slight downward revision to the Eurozone third quarter GDP estimate.
The Euro retreated further after German Chancellor Angela Merkel called for tighter restrictions in the country over the festive period, increasing concern among investors that the bloc’s largest economy will experience a double-dip recession.
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No-Deal Brexit Pessimism a Risk to the Pound
Following Boris Johnson and Ursula von der Leyen’s meeting, UK-EU trade talks will continue until Sunday, leaving the Pound to Euro exchange rate especially sensitive to more volatility based on Brexit headlines ahead of the new deadline.
GBP exchange rates will likely follow a similar pattern, falling as the risk of a no-deal increases while talks are in deadlock, but jumping on optimism for a breakthrough. In UK economic data, November’s UK inflation reading published next week could add to the Pound’s volatility if the national lockdown caused inflation to weaken. At the same time, EUR investors will focus on the European Central Bank’s (ECB) latest rate decision.
The ECB is forecast to leave interest rates on hold but widely expected to announce expansion of its monetary stimulus programme, likely driving movement in the Euro.
What Does This Mean for Expats?
While the Pound to Euro exchange rate continues trending lower on Brexit news, expats using Sterling to buy Euros will get less for their money. However, the Pound weakening is good news for expats sending money 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.
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 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 at Ocyan and benefit from all the advantages that our trustworthy partner – Torfx, offers.
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