For those of you holding out on a Euro purchase before Christmas may be presented with a window of opportunity tomorrow as the US Federal Interest rate decision is released this evening. Many analysts are expecting a hike of 0.25% bringing the current rate to 0.75%.
Should this be achieved we are likely to see a strengthening Dollar and a weakening Euro. This is due to the EURUSD being the most traded currency pair in the world and usually when one strengthens the other weakens. This may see the GBPEURO push back past 1.20 market rate level on tomorrow mornings trading.
With the UK continuing to hold ground against the Euro due to a softer stance on Brexit, this presents a great opportunity to purchase Euros before Christmas in my opinion. I feel this will be short lived though as we head into the new year when official negotiations begin to gain momentum and media attention. Continued uncertainty is likely to adversely affect the Pound going forward.
On the other hand if you are holding onto US Dollars currently the next few days are likely to present a great opportunity to sell back and buy Sterling as the Dollar strengthens its position.
In other currency news the Turkish Lira is continuing to be great value against the Pound. This is due to Turkey’s struggling economy in the wake of political instability that has plagued the country over the last year. For those looking for cheap winter sun this year and into the first quarter of next year the time is now!
In Indian economic news the deadline for exchanging up withdrawn rupee notes to new issue notes is rapidly approaching with Indian nationals having until the 30th of December to head to an Indian National Bank before the old notes become worthless.
For any information on subjects covered in this blog or help with your particular currency needs please feel free to email me on firstname.lastname@example.org. Thank you for taking the time to read this blog as an added bonus use this code when placing your order to recieve the improved rate on your currency even if its under £500!! CD4UXMAS1