Propertyshowrooms Pure FX Currency Update 13 July 2017
Welcome to Pure FX’s fortnightly update of the foreign exchange rates. This tells you when the exchange rate is favourable, to buy your property overseas.
Euro to pound
The common currency aims for the stars versus sterling! The euro to pound exchange rate has hit its highest in 8 months this week, or since November 2nd last year, at 0.8925. If you intend to buy a property in the UK, you’ll hence receive a far higher pound total when you transfer money. Why has the euro strengthened against the pound? Well, because recently Bank of England policymaker Ben Broadbent said that he’s “not ready” to make a decision about UK interest rates. This has lifted the odds that UK interest rates will stay at their all-time lows of 0.25% for longer, thus weighing on sterling!
Pound to US dollar
The pound takes the advantage against the US dollar! Sterling has hit 1.2945 against the greenback this week, less than -1 cent below its highest in 10 months, or since September 22nd. If you intend to buy a property in the USA, you’ll hence receive a greater US dollar total if you transfer money at present. Sterling is strong against the dollar, because yesterday Federal Reserve chairwoman Janet Yellen said that the US central bank may not be able to hike interest rates by “all that much”. This raised fears that US interest rates may plateau at a lower level than the past, dragging down the dollar!
Euro to US dollar
The common currency positively rockets against the greenback! The euro to US dollar exchange rate has hit 1.1467 this week, extremely close to its highest in 2-and-a-half years, or since January 16th 2015. This makes this a fantastic time to transfer money to the USA, if you plan to buy a property in America, as you’ll receive a higher dollar total. The euro is flying high against the buck, because recently European Central Bank president Mario Draghi has become much more upbeat about the Eurozone’s economic outlook, and raised the possibility of tapering the ECB’s vast monetary stimulus!
Euro to Turkish lira
The euro shows us what it’s made of versus the Turkish lira! The common currency has hit 4.14 against the lira this week, just a touch below its strongest in at least 12 years, or since January 2005. Given this, if you plan to buy a property in Turkey, it’s a fantastic time to transfer money to your Turkish bank account, as you’ll get a higher lira total than any time in more than a decade. The lira has weakened, because it’s feared that Turkish president Recep Tayyip Erdoğan’s increasingly dictator-like behaviour may threaten the rule of law, while Turkish industrial output is sluggish too!
Euro to United Arab Emirates dirham
The euro flexes its muscles versus the UAE dirham! The common currency has reached 4.18 against the dirham this week, just a whisker below its highest in 30 months, or since mid-January 2015. Why? Well, because the UAE currency is pegged to the US dollar. Hence, as the euro climbs against the dollar, the euro rises versus the dirham too. When you exchange currencies to buy a property in the United Arab Emirates, this outstanding rate will greatly lift your dirham total!
Euro to Thai baht
The euro hops, skips and jumps versus the Thai baht! The Eurozone’s currency has hit 39.08 against the baht this week, extremely close to its strongest in 9 months, or since October 2016. Why? Well, because the Eurozone economy is on the up and up, growing at the fastest rate since before the financial crisis in early 2017. Meanwhile, the baht is on the ropes, because there are concerns that Thailand’s emphasis on tourism may limit growth. Given this, you’ll get a brilliant exchange rate when you transfer money to Thailand, thus lifting your baht total, to buy your ideal 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 are not the same rates that Pure FX can offer. To get a free exchange rate quote, call us on 44 (0) 1494 671800, or email email@example.com .”