Euro hits multi-month highs versus pound and dollar, as Eurozone booms
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 continues to rocket against sterling! The euro to pound interbank exchange rate has hit 0.9049 today, its highest since October 11th 2016, or 10 months. This is great news if you intend to transfer money from the Eurozone to the UK to buy a property, as you'll receive a much higher pound total than any time in almost a year.
Why has sterling weakened? Well, it's because the UK's trade deficit ballooned to - £4.56 billion in June, an 8-month high, while the UK has been "a bit absent" from recent Brexit talks, says former Foreign Office chief Sir Simon Fraser.
Pound to US dollar
Sterling stays strong versus the greenback! The pound has touched 1.30 against the US dollar this week, 7 cents higher than at the start of 2017, and close to its highest since September last year. The buck has lost out, because US President Donald Trump has warned that he'll launch "fire and fury" against North Korea, causing financial markets to question Mr. Trump's judgement.
If you plan to exchange currencies to buy a property in the USA, this is excellent news, as it means you'll receive a far higher US dollar total than if you'd made you transfer at the start of this year!
Euro to US dollar
The euro to US dollar interbank exchange rate remains favourable! The common currency has reached 1.17 against the greenback this week, very close its highest in 20 months, or since January 2nd 2015. If you plan to transfer money from the Eurozone to the USA to buy a property in America, this is highly advantageous for you, as you'll receive a much higher US dollar total.
Why has the dollar declined? Well, it's because special prosecutor Robert Mueller has appointed a Grand Jury to investigate President Trump's connections with Russia, putting Mr. Trump under pressure.
Euro to United Arab Emirates dirham
The euro continues to stand tall versus the United Arab Emirates dirham! The Eurozone's common currency touched 4.29 against the dirham this week, just a whisker below its highest since early January 2015. Why has the euro triumphed against the dirham? Well, it's because the United Arab Emirates currency is pegged to the US dollar, so when the euro jumps against the greenback, the euro soars versus the dirham too.
This is excellent news if you intend to transfer money from the Eurozone to the UAE to buy a property, as you'll currently receive a higher higher dirham total!
Euro to Turkish lira
The euro to Turkish lira interbank exchange rate continues to fly! The common currency has hit 4.14 against the lira this week, just below its highest in at least 12 years, or since 2005. This is highly advantageous to you if you intend to transfer money from the Eurozone to buy a Turkish property, as you'll receive far more liras, thereby significantly cutting your costs!
The lira has sunk, first because Turkey's industrial production rose just 3.5% in May compared to a year ago, below forecasts. What's more, Turkish inflation fell to a 6-month low of just 9.79% in May too.
Euro to Thai baht
The euro flexes its muscles versus the Thai baht! The euro to baht interbank exchange rate reached 38.94 this week, just a touch below its highest in 14 months, or since June 16th 2016. The common currency has spread its wings, because German exporters are "euphoric" and "in high spirits", according to economics watchdog Ifo, as business booms.
With this in mind, it's a brilliant time to transfer money from the Eurozone to Thailand, to buy a property, as you'll receive a far higher baht total in your Thai bank account. In turn, this will cut your costs for 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.