GBP/EUR rates seem to have found some support around the 1.15 level once more, with Euro buyers breathing a sigh of relief as they did last month following the Brexit vote and the immediate aftermath in July.
The serious and inescapable slides on the Pound reported in the media almost daily after the vote were reversed with immediate effect last month when news broke that there would be no protracted leadership contest in the UK, and that a new Prime Minister would be installed straight away.
Soon after the loose promise that the UK would not be enacting Article 50 – the formal proceedings for the UK leaving the EU – would not be actively pursued until the beginning of the next year allowed the Pound to find some stability.
Since then, the performance figures since the beginning of July have brought buying Euro levels back down to the 1.15 area down from 1.20. Interest rate cuts in the UK and low growth figures were the main drivers. Bizarrely the saving grace for the Pound was our inflation figures which have been showing underwhelming results since the beginning of the year.
Instead we are now in the green, likely due to increased tourism within the UK due to the cheaper Pound and it will be the Eurozone’s turn this morning to have their inflation figures scrutinized.
Unlike the UK’s impressive figures the Eurozone’s are expected to show a contraction. They’ve lost tourism this year, not just due to the more expensive Euro but normally popular destinations such as Greece have lost their shine due to their recent financial troubles and migrant crisis.
The improved buying rates may extend this morning, and may even govern a new trend for buying Euro rates as the week winds down.
It was nice break to write some positive news for Euro buyers for once. I strongly recommend that anyone with a buying Euro requirement should contact me first thing this morning to discuss how best to make the most out of any favourable movements should contact me on firstname.lastname@example.org directly or fill out the form below.
You can also benefit from the highly competitive exchange rates of one of the UK’s top brokerages. Just provide me with a basic outline of your currency requirement and I will be in touch with you as soon as possible. If you wish to discuss your requirement urgently you can also contact me on 01494 787 478 and ask the reception for Joshua.
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