Knowing when exactly to get the best euro exchange rate is never an easy task. Fluctuations in price happen on a constant basis and the value of the British Pound against the Euro changes daily. Although not one of the most volatile currency pairings, the EUR/GBP can still be fairly volatile. What this means to the average person in the street is, knowing when to exchange your heard earned money into those holiday euros can actually make a difference.
It may be that the holiday for next year is already booked, and with flights and accommodation already paid for, the only item on the To Do list is purchase the holiday spending money. So, do you change the Pounds up into Euros now, or do you wait till closer to your holiday some time next year? Let’s look at the influencing factors.
When we analyze a simple EUR/GBP chart, we can see there the Euro has been trading reasonably steadily against the British Pound. In fact, on an exact yearly basis, the Euro has only risen 0.99% against the GBP. The range over the same year has been fairly tight, trading between 0.8619 and 0.9103 over the 52 week period. However, within that period there has been some strong movement on occasions. The euro/gbp exchange rate was valued at only 0.8373 on the 16/04/2017. Meanwhile, just over four months later on the 20/08/2017, the EUR/GBP pair was trading at 0.9252. Although a difference of 0.0879, if you consider that spending money can run into the thousands, it is enough to make a noticeable difference to your wallet and to your holiday.
The biggest issue affecting the British Pound is without doubt, Brexit. The decision by the British public to leave the European Union has been the single biggest driver of the Pound since the referendum in June 2016. Great Britain is scheduled to leave the European Union in March 2019 and at present there has been no trade deal agreed between the British Prime Minister Teresa May and those representing the EU. The uncertainty has definitely kept the British Pound subdued. The UK has been experiencing solid enough economic growth which has negated the negative uncertainty. What has also helped is the European Union, in particular German, economic growth has been more stagnant than the UK’s. Eurozone data has not been inspiring and the Brexit uncertainty has also weighed upon the Euro. After all, the UK is a major export destination for European goods, worth billions to German car manufacturers and French wine makers.
Without a crystal ball there is no definitive answer as to when is the best time find the best euro exchange rate. The EUR/GBP has been trading in a steady range for a long time and without a Brexit deal in place, there is no reason for that not to change. Brexit will be the overriding factor when trying to find the best euro exchange rate. Keep an eye on what happens or is likely to happen with regards to Brexit and you’ll be in a better position to get the most out of your travel money. After that, head on over to a site like https://www.besteuroexchangerate.co.uk/ that offers one of the best euro exchange rates to be found.