Euro Jumps Versus Pound and US Dollar, as Eurozone Economy Heats Up
Welcome to Pure FX's fortnightly update of the interbank foreign exchange rates. This tells you when the exchange rate is favourable, to buy your property overseas.
Euro to pound
The common currency triumphs against sterling! The euro to pound interbank exchange rate has reached 0.8953 today, extremely close to its highest since November 2nd last year, or 9 months. When you transfer money from the Eurozone to the UK, you'll hence receive a far larger pound total, making buying your UK property more affordable for you.
Why has sterling lost out? Well, it's because the UK economy expanded just 0.3% between April and June, a sharp slowdown compared to 2016. This has cut the odds that the Bank of England will lift interest rates above 0.25%.
Pound to US dollar
Sterling struts its stuff against the greenback! The pound to US dollar interbank exchange rate has shot up to 1.3153 today, its strongest in 10 months, or since September 15th 2016. Hence, you'll get a far higher US dollar total, when you transfer money from the UK to the USA, to buy your foreign property.
The dollar has lost out, because America's central bank, the Federal Reserve, has suggested that US inflation will stay below the Fed's 2.0% target for a while to come. This puts less pressure on the Fed to lift interest rates above their current 1.00-1.25%, weighing on the buck.
Euro to US dollar
The common currency stands tall versus the buck! The euro to US dollar interbank exchange rate has reached its highest in 30 months today, or since January 9th 2015, at 1.1769. With this in mind, it's an excellent time to transfer money from the Eurozone to the USA to buy your foreign property, as you'll receive a much larger US dollar total.
The greenback is on its knees, because US special prosecutor Robert Mueller has expanded his investigation of President Donald Trump's connections with Russia, to include Mr. Trump's businesses. This will then distract the White House.
Euro to Turkish lira
The euro flies high versus the lira! The euro to Turkish lira interbank exchange rate has reached 4.1618 this week, its strongest in at least 12 years. Given this, if you intend to buy a property in Turkey, it's an outstanding time to transfer money from the Eurozone to Turkey, as you'll receive the highest euro total since at least 2005.
Why has the euro strengthened? Well, it's because the Eurozone economy is flexing its muscles. For instance, Spain's unemployment rate fell -0.58% in June, to 17.22%, while German consumer confidence rose this month, thereby boosting the euro.
Euro to United Arab Emirates dirham
The euro shoots for the moon versus the dirham! The euro to UAE dirham interbank exchange rate has touched 4.3084 today, its strongest in more than 30 months, or since January 9th 2015. This is because the dirham is pegged to the US dollar. Hence, as the euro strengthens against the greenback, the euro jumps versus the dirham too! With this in mind, if you intend to buy a property in the United Arab Emirates, it's the ideal time to do so, as you'll receive a much higher dirham total, thus cutting your costs.
Euro to Thai baht
The common currency lays down four aces versus the baht! The euro to Thai baht interbank exchange rate has reached its highest in more than 9 months today, or since October 12th 2016, at 39.12. Why? Well, because Thailand's GDP is forecast to grow just 3% this year, far slower than Thailand's South-East Asian regional neighbours, as Thailand struggles to shift its economy away from lower-value manufacturing.
With this in mind, it's the ideal time to transfer money from the Eurozone to Thailand, as you'll receive a much larger baht total, to buy your Thai property!
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Please bear in mind, this article is Pure FX's opinion only and does not constitute advice. Moreover, the exchange rates referred to in this article are the interbank rates, which are the rates at which banks and financial institutions buy and sell currency to each other. Therefore these exchange rates cannot be accessed by individuals or SMEs, and should only be used as a useful indication. To get a free exchange rate quote, call us on 44 (0) 1494 671800, or email email@example.com.