Prime Minister May arrived in Brussels today to meet with European Union Leaders for the first time since she lost her majority at the General Election earlier this month. May still without a controlling majority is going ahead with negotiations as previously planned. The Prime Minister, arguably as a token of goodwill, is going to propose protection for both EU and UK expats across Europe as the first point on her agenda.
The GBP/EUR rate today has been particularly timid for the first time in a while, with very little movement across the course of the day. The rate closed near the day high of 1.136 and with Theresa May set to speak tonight there could be turbulence this evening. Sterling has taken a beating with so much speculation on what sort of deal the UK will go for and freedom of movement is key. If Theresa May’s comments are well received then we could see positive movements for Sterling.
Bank of England Committee Member Speech
Kirstin Forbes is an outgoing member of the BOE Monetary Policy Committee and will deliver a speech tomorrow evening. Forbes is known for being hawkish and is a believer in a interest rate hike in the UK. Earlier this week committee member Andy Haldane spoke about an interest rate hike coming this year and Sterling gained nearly a cent against the Euro.
Whilst there is considerable uncertainty, tomorrow may present a window for Euro buyers as the GBP/EUR rate could move above 1.14 of the back of Forbes comments. Euro sellers are still very much benefiting from the recent Sterling weakness but if you do need to buy Euros imminently tomorrow could be an opportunity to take advantage of.
Working for a brokerage I am able to actively monitor the markets for you if you do have a requirement. Setting a rate alert would allow me to notify of movements in your favour should you have a requirement in either the near or longer future. I am confident I can offer you a saving on your existing method of transfer, if you would like to ask any questions about our currency brokerage or the forecasts mentioned above please send me an email to firstname.lastname@example.org.