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Expats currency update: GBP/EUR Exchange Rate Fluctuates on Conflicting Brexit Messages

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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.

If you are looking for help regarding other financial services linked to your move, here are a few useful articles for you:

Brexit Headlines Drive Pound Movement – what this means for expats

While the Pound has fluctuated over the past week, it has still managed to move higher against the Euro largely thanks to Brexit optimism, with the GBP/EUR rally at the end of last week underpinned by reports that a UK-EU trade deal is ‘very close’.

Sterling then carried this momentum through to this week’s session, with the GBP/EUR exchange rate climbing to a two-month high as a new coronavirus vaccine, of which the UK government has pre-ordered 100 million doses, reported up to 90% efficacy.

However, the Pound was unable to sustain these gains for long, with European Commission President Ursula von der Leyen casting doubts over a Brexit deal as she reported that a few key issues continue to block an agreement.

The Euro, meanwhile, struggled in the second half of last week, as European Central Bank (ECB) President Christine Lagarde warned about the economic damage to the Eurozone from the second wave of coronavirus infections, and consumer confidence in the bloc continued to deteriorate.

The single currency then started poorly this week with the publication of the Eurozone’s latest PMI release as economic activity in the bloc contracted at a faster-than-expected pace in November, fuelling fears of a double-dip recession.

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 money 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
  • Accessing the business online trading platform to view live rates
  • Enter the personal online trading platform to view live rates
  • Request a call back quote

All of this is possible by subscribing for free ot Ocyan and benefit from all the advantages that our trustworthy partner – Torfx, offers.

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More Brexit Volatility Ahead? 

Looking ahead, it seems safe to assume that Brexit developments will continue to act as a key catalyst of movement in the Pound to Euro exchange rate.

Talks are set to resume this Friday after being temporarily suspended due to a member of the EU negotiating team contracting the coronavirus.

Talk of an imminent deal could help to underpin Sterling, but some apprehension amongst GBP investors before an official announcement of an agreement is likely to limit the upside.

Any headlines alluding to setbacks or delays could also see the Pound reverse some of its recent gains.

Meanwhile, the focus for EUR investors will likely be on European coronavirus statistics as countries such as France look to reopen again next month, something which will be dependent on a sustained fall in new cases.

Also of note to EUR investors will be the Eurozone’s latest consumer price index, with the Euro poised to fall if the bloc remained in a state of deflation in November.

What Does this Mean for Expats?

If negative Brexit headlines 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.

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