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When to exchange euros to pounds advice

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On Monday, 22nd February 2016 following question to our expert...

I have 120,000 Euros to exchange and will be using a currency broker not an expensive bank. My question is of timing. With the UK referendum in a few months time would i be better to wait or do it now. At the moment it is fluctuating around 0.76,do uou think it is likely to increase.

Thanks Simon.

On Monday, 22nd February 2016 ...


Thanks for getting in touch.

The euro has had a great run against Sterling, gaining some 15+ c since the start of December. As you correctly state, today’s session has brought further gains thanks to fears that the UK may be about to exit the EU.
However, many analysts now feel that UK voters are highly likely to vote to remain in the EU on 23rd June and that the move against the Pound has therefore been overdone. Equally, the current relative strength of the single currency is by no means guaranteed to persist; there’s a high likelihood that the European Central Bank will increase the €60bn per month which it allocates to Quantitative Easing next month. Such a move would see the market move against6 the euro once again.

For this reason, I would consider selling your EUR sooner rather than later.

Best Regards,

John Cameron
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