After a big drop yesterday which saw the lowest GBP/EUR rate for 13 months, there could potentially be even more drops today as we await figures from NIESR, The National Institute of Economic and Social Research. Yesterday there was good news for Sterling as the British Retail Consortium delivered a positive report looking at retail sales, however this was not enough to strengthen confidence in the pound. The trade balance figures despite being an improvement on the previous month, they weren’t as negative, still showed that the amount the UK has imported over 2015 is significantly more than exported. The UK having a trade deficit substantially over £100bn does not install confidence from investors in Sterling as the UK isn’t creating enough exports.
If you are looking to trade Euro’s in the short term doing so sooner rather than later may be a sensible option as the rate could fall lower. Those holding Euro positions are trading at the best time in 13 months and have the chance to take advantage of this window.
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 Ben Fletcher at [email protected] and hopefully I can be off assistance to you.