Sterling has continued to struggle against the Euro causing GBPEUR exchange rates to hit their lowest level to buy Euros in 3 years. The announcement made by Prime Minister Theresa May that Article 50 will be triggered by March 2017 has caused confidence in the Pound to drop against the Euro, US Dollar and other major currencies.
The good news is that if you’ve been holding on to your Euros and waiting to buy Sterling this has gained you a huge amount extra in your pocket. However, if you need to buy a property in Europe this news is rather negative. A possible solution to remove any uncertainty of what may happen over the next few weeks could be to buy a forward contract which allows you to fix an exchange rate for a future date removing the uncertainty of where exchange rates may go.
The problem that the announcement of Article 50 has is that we are still a long way away from finding out whether or not we will be looking at a ‘soft’ or ‘hard’ Brexit and whether or not we’ll still look to be part of the single market.
There are a number of challenges that the UK will be facing in the months ahead and Chancellor Hammond has suggested that he will not be able to get the UK back into a surplus before the end of this current decade. All this uncertainty is what is continuing to keep the Pound under real pressure vs the Euro.
Having worked in the industry for 13 years I am confident of not only being able to offer you competitive exchange rates compared to using your bank but to also help with the timing of your transfer. For further information or for a free quote then contact me directly by email Tom Holian [email protected]
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