The pound is now trading at a two month high against the euro and consequently its the cheapest time to buy euros this year. I am actually putting the shift in exchange rates down to euro weakness rather than sterling strength.
Marine Le Pen leader of the National Front in France has gained momentum against her rivals in the run up to the French election. Le Pen has made it clear she wishes to take France out of the euro to improve the future of the French people financially but also for their safety. Bookmakers have Le Pen only 3 points below front runner Macron with Fillon falling behind.
For clients that have not been following French politics its key to note only 22 days ago Le Pen was 20 points below Macron, therefore the recent polls just shows Le Pen is on the charge.
This morning the UK release their latest GDP numbers. The consensus is for the numbers to remain unchanged compared to last month however retail sales and average earnings surprisingly fell last week therefore this could be the hat trick causing a sell off of the pound.
For euro buyers within the next 2 months, the spike in the market we have seen in my opinion is well worth taking advantage of as the House of Lords is set to give their verdict shortly and therefore an exit from the EU looks likely towards the end of March. When the UK actually triggers Article50 their is a strong change the pound will fall for a period.
The currency company I work for enables me to buy and sell pounds at rates better than other brokerages and high street banks. If you are buying or selling pounds this year feel free to send me the currency pair you are trading (GBPUSD, GBPEUR, GBPCHF etc) the reason for your trade (company invoice, buying a property) and I will email you with my forecast for the currency pair and the process of using our company email@example.com.