It’s been another volatile morning for GBP/EUR exchanges rates, continuing the recent trend on the pair. The Pound has suffered losses following a referendum poll in the Guardian last week, which indicated the Leave campaign had taken a narrow lead. Whilst these pre polls are not a definitive guide to the actual outcome, they seem to be holding a lot of sway with investors who are having to factor in both eventualities. This means we are seeing bigger swings on the market and whilst this is causing some concern, it is also presenting attractive short-term buying & selling opportunities for clients.
GBP/EUR has hit a high of 1.2899 this morning, following better than expected Retail Sales data that came out overnight. This helped to alleviate some pressure on GBP but the high was short-lived following the release of Eurozone Gross Domestic Product (GDP) figures. The figure of 0.6% growth came in above market expectation and this helped to push GBP/EUR back towards 1.28.
With further polls likely over the coming days and so much uncertainty in the current market I would be tempted to secure any short-term GBP/EUR positions ahead of the vote on June 23rd.
If you have an upcoming currency requirement and would like to be kept up to date with all the latest market movements, or simply wish to compare our award winning exchange rates with your current provider, then please feel free to contact me on 0044 1494 787 478 and ask one of the team for Matt. Alternatively, I can be directly on [email protected]