Peter Lavelle, the author of this guest post from PureFX 03.02.2015
Welcome to Pure FX’s update of the pound to euro exchange rate.
This will help you decide the best time to rent a Spain property, from a currency point of view.
Sterling flies high!
The pound to euro exchange rate has hit 1.3504 this week, its strongest since January 25th 2008, or a full 7 years.
By contrast, sterling was as weak as 1.1999 at the start of last year. Hence, it’s since risen by +12.54%, or 15 cents.
A £2,500 transfer from the UK to Spain to rent a property would hence be worth +€375 more today than on January 1st 2014.
(Please bear in mind, these are the interbank rates at the time of writing. This means the exchange rate may have changed since then.)
Sterling may rise higher, as Syriza wins Greece elections
Moreover, the pound may continue to rise versus the euro. Here’s why:
- The euro could fall, because extreme left-wing party Syriza won Greece’s general election last week, boosting the odds that Greece will exit the Eurozone.
- The euro may drop, because tens of thousands of people marched in support of Spain’s extreme left-wing party Podemos this weekend in Madrid.
- The euro could weaken, because the European Central Bank recently launched a €60bn-a-month stimulus plan, to boost Eurozone inflation and weaken the euro.
With all this in mind, look for the pound to rise further versus the euro, making it even better value to rent a Spain property!
Keep up to date
To find out when the pound hits a fresh record high against the euro, sign-up to Pure FX’s free newsletter. We’ll tell you when the best exchange rate becomes available.
Peter Lavelle
Pure FX
http://www.purefx.co.uk
+44 (0) 1494 671800
[email protected]
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