Sterling is now trading at its lowest level to buy Euros for over 8 months as the Brexit uncertainty is causing huge amounts of pressure for the Pound.
Although UK GDP published on Wednesday came out as expected with the release of 1.7% year on year for the first quarter the news was not taken positively for the Pound and this caused GBPEUR exchange rates to continue to fall.
At the moment the uncertainty caused by the Brexit is weighing heavily on Sterling and this does not appear to be slowing down.
EURUSD exchange rates are now at their best level since January 2015 and it is becoming clear that not only is Sterling weak but the Euro is very strong against a lot of other currencies at the moment.
Indeed, with the European Central Bank hinting earlier this month that they may be looking at tapering their current QE programme in the near future this has led to an improvement on confidence for the Eurozone and therefore the single currency has strengthened.
We start next week with the release of Eurozone inflation data on Monday morning and this could provide a key as to how the ECB will react with monetary policy when they meet early next month.
I personally think that if the data comes out as expected this could send GBPEUR exchange rates lower so if you’re looking to send money to Europe in the near future then keep a close eye out on what happens.
If you have a currency exchange to carry out in the coming days, weeks or months then you are more than welcome to speak with me directly as I will be more than happy to help you both with trying to time a transaction and getting you the top market rate when you do come to buy your currency.
A small improvement in a rate of exchange can make a huge difference so for the sake of taking two minutes to email me you may find you save yourself hundreds if not thousands of Pounds. You can email me (Tom Holian) on firstname.lastname@example.org and I will endeavour to get back to you as soon as I can.