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Foreign Exchange: GBP/EUR Exchange Rate Rallies from Two-Month Low on Brexit Hopes

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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.

Brexit Drama Continues to Infuse Volatility into the Pound

The Pound to Euro (GBP/EUR) foreign exchange rate has traded in a wide range over the past week in response to considerable Brexit uncertainty.

Through the second half of last week this resulted in a sharp sell-off of Sterling with GBP/EUR even striking a new two-month low in the process. This came in the wake of crunch talks between Boris Johnson and European Commission President Ursula von der Leyen, which failed to deliver a much-needed breakthrough in talks, and prompted Johnson to warn a no-deal Brexit was ‘looking very, very likely’.

However, Sterling sentiment markedly improved this week, with GBP/EUR recouping the majority of last week’s losses after the UK and EU agreed to extend talks past the weekend and reports emerged suggesting that a trade agreement could be close.

Meanwhile, the Euro was turbocharged at the end of last week after the European Central Bank (ECB) announced it would expand its stimulus programme by an additional €500bn. But the single currency has so far struggled to hold on to these gains this week, as the announcement of a ‘hard’ lockdown in Germany over Christmas and a tightening of restrictions in other European countries has stoked concerns the Eurozone will face a double-dip recession this winter.

GBP/EUR Foreign exchange rate
Image source

BoE Outlook and Brexit to Dominate GBP/EUR Foreign Exchange Movement

Still to come this week, in addition to potential Brexit developments, the conclusion of the Bank of England’s (BoE) final policy meeting of 2020 looks to be a key catalyst of movement in the Pound to Euro exchange rate.

While no policy changes are expected from the BoE this month, GBP investors will be keeping a close eye on the bank’s forward guidance for any hints as to how the BoE may shape its monetary policy in 2021. Of course, the real focus for GBP investors will remain on Brexit, with Sterling poised to skyrocket if the UK and EU manage to reach a trade agreement in the coming days.

Meanwhile, the publication of Germany’s latest IFO business climate index could dampen the appeal of the Euro later this week, as the country’s new lockdown measures are likely to further undermine business morale in Europe’s largest economy.

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. Click here and subscribe for free at Ocyan 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:

What are the advantages for Expats?

Expats can be influenced by this GBP/EUR fluctuating movements. By securing an exchange rate for foreign transfers 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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