Sterling Euro exchange rates have started to witness a recovery since falling to close to their lowest point in three years following the impact of the Brexit.
Economic data that is now being published since the vote to leave the European Union has not been as bad as expected and indeed UK consumer confidence is back to its best level since 2013 which has been reflected in Sterling Euro exchange rates.
Yesterday’s UK GDP data came out as anticipated with levels for the previous quarter at 0.6% which helped to provide Sterling with strength vs the single currency.
As we go into next week following the Bank Holiday the focus will return back to the Eurozone with the release of Industrial and Consumer confidence as well as German inflation data on Tuesday morning.
It will be interesting to watch out for this data as this could also provide support for the Pound if the results show a slowdown on the continent and a fall in confidence.
UK manufacturing data published earlier in the week showed levels back to the best in 2 years which demonstrates that the impact of the Brexit vote was not as bad as expected.
My view is that we could see Sterling continue to rise against the Euro as only 2 months ago we were over 10% better on GBPEUR rates and owing to the Brexit this is the main reason why rates have fallen by so much.
However, it appears as though the economy hasn’t struggled too badly since the vote and this could support the Pound vs the Euro and arguably also against the US Dollar.
Therefore, if you’re thinking about selling Euros to buy Sterling it may be worth looking at making a purchase before the Pound recovers against the single currency.
If you’re in the process of selling a property abroad and want to secure an exchange rate for a future date then it may be worth considering buying a forward contract, which means you know exactly what Sterling you will receive once your property has sold.
If you have a currency transfer to make and want to save money on exchange rates compared to using your own bank then contact me directly for a free quote. Tom Holian email@example.com
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