The Pound has made some small gains vs the Euro sending the Interbank level to just above 1.12 on a number of occasions throughout today’s trading session. The gains occurred owing to some better than expected Manufacturing data.
Export orders also increased owing to the recent weakness of Sterling which is close to the lowest level since November last year.
Indeed, Sterling has also hit its highest level vs the US Dollar in almost a year as the USD has begun to weaken against both the Pound and the Euro.
Tomorrow morning brings with it the release of the latest set of Eurozone GDP at 10am. The expectation is for growth of 2.1% and I think if the data comes out positively this could see the Euro increase further against the Pound.
Eurozone Retail Sales are also published on Thursday morning and they have been fairly positive recently.
With the Bank of England due to meet on Thursday I think the vote will be lower than last month when we saw a split of 5-3 and personally I cannot see how the Pound will react well if the vote is lower.
Overall this week I expect Euro strength vs the Pound.
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 email@example.com and I will endeavour to get back to you as soon as I can.