This is the current GBP-EUR mid-market exchange rate. The Total Cost of buying foreign currency in the above table is calculated as the sum of all fees and the exchange rate margin, which is the difference between the provider's exchange rate and the mid-market GBP-EUR exchange rate.
Whenever you are researching a particular exchange rate you are actually interested in two currencies as the value of a currency must always be quoted relative to a second currency.
So it follows that if you are determining the best time to transact, in this case the GBP vs EUR, you should pay attention to both British Pound Sterling and Euro news and forecasts.
20-February-19: Given Brexit uncertainties, 2018 wasn’t too bad of a year for the pound. Although it lost 7.5 percent of its value against the US dollar, it only lost 1.9 percent against the euro and gained nearly 3 percent against the Australian dollar.
In early 2019, the pound has been resilient, having gained several percent against most of the other G10 currencies despite UK politics being in a state of disarray and with all Brexit options still on the table. Sterling remains well down when compared with its recent history though: at the time of writing, against the US dollar it was 12 percent lower than levels prior to the UK’s EU referendum in June 2016.
Pound forecasts are futile given uncertainties over Brexit but estimates can be made for different outcomes. Currency analysts at HSBC said in February that sterling would be valued at levels near US$1.10 in the event of no-deal, near US$1.45 with a deal and at US$1.55 should Article 50 be revoked and Brexit cancelled. GBP/USD was quoted at US$1.305 at the time of this report.
13-February-19: 2018 was a mixed year for the euro. A 5 percent loss versus the US dollar was offset by a 6 percent gain versus the Australian dollar and small gains against other majors.
Since November, the euro has been remarkably stable against the US dollar, against which it has traded for the most part between $1.125 and $1.15. The euro was quoted towards the low of this range at $1.128 at the time of writing, down 1.5 percent year-to-date.
At the time of writing, euro-pound was 2.5 percent lower on the year at £0.876. Most price action since September has been between £0.865 and £0.91.
The euro is understandably under pressure in early 2019 ahead of Brexit, which more than ever is a source of uncertainty, and on increasing recession risks — Italy slid into recession in February and Germany barely escaped one in the October-December period.
The main euro-supporting factor this year would be an interest rate hike by the ECB, although this is up in the air considering the aforementioned risks.
Forecasts: In February, the head of strategy at BMO Capital Markets predicted a decline in EUR/USD to 1.11 by the end of April. Experts at Natwest predicted a slide in EUR/GBP to £0.85 by mid-year.
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