GBP/EUR rates have spiked during Wednesday morning’s trading ahead of tomorrow’s Scottish referendum. The Yes/No vote has dominate the headlines recently and there is no doubt the eyes of the world will be fixed on the UK in anticipation of the results. With recent polls suggesting there is very little to choose between them, it will be a nervous 24 hours for David Cameron and the Bank of England.
With much debate centring around the negative connotations of a breakaway, I would certainly expect the Pound to lose value immediately if this was indeed the outcome. Personally I expect the vote to be a no and Scotland will remain part of the union but it will be close and either way I don’t think it is the last we will hear on the subject. The markets seem to be factoring in a No vote, so do not expect a major spike on GBP/EUR rates should this be the case.
With GBP/EUR rates moving back towards a two year high, it is still a very attractive time to purchase EUR and I certainly do not expect these rates to last for long if the majority do vote in favour of independence.
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