This morning we see Sterling’s revival on Friday against the Euro completely wiped off as we start to head to the more predicted mid 1.20’s. Mario Draghi, the President of the European Central Bank, in announcing the potential to increase the Quantative Easing has not created the weakness expected. In fact the Euro has been able to strengthen further and I think will continue to do so as the recent glut for Sterling continues.
Today we will see a speech from Mark Carney, the Governor of the Bank of England, that is not an official event but as such an influential figure anything he says has effect. If Mr Carney further emphasises that the UK economy is not strong enough to have an interest rate hike in 2016, the GBP/EUR rate may well enter into the 1.20’s today. I personally can’t see what Mark Carney will say that won’t have a negative effect and with Q4 growth figures for the UK coming out at the end of this week buying Euro’s sooner rather than later might allow for substantial savings.
Please contact me if you would like to find out any further information regarding Pounds and Euros. I am happy to provide you with information that will allow you to make the most informed decision when changing currencies. No matter how small the transaction there is always money to be saved by making a well-timed and educated decision. If you would like to get in touch please contact me at [email protected] and hopefully I can be off assistance to you.