Since the Brexit vote back in June Sterling has lost over 12% against the Euro as the future of the UK’s relationship with the European Union has caused huge uncertainty for the Pound.
Following the initial drop for the Pound after the vote Sterling has also struggled as the timeline as to when Article 50 will be triggered has not been confirmed yet.
Rumours are that the UK will be looking to start the negotiations early next year but the uncertainty and lack of transparency has caused the Pound to continue to remain at these 3 year lows vs the Euro.
Unti we get a sense of when things may occur or a more formal announcement made by the UK government then I fully expect Sterling to remain under pressure against the Euro. Rumours are that we could see this occur early next year but as yet no official announcement has been made by the UK government.
Indeed, we saw an upwards revision for UK GDP figures for the second quarter yesterday from 0.6% to 0.7% and typically this would help to strengthen Sterling vs the Euro. However, this did little to really impact the rates and to me investors seem most concerned with the political future of the UK.
If you have a currency transfer to make and want to save money on exchange rates compared to using your own bank then contact me directly for a free quote. Having worked in the industry for 13 years now I’m confident I can not only save you money on exchange rates but help you with the timings of your currency transfer. To find out more then email me directly of fill in the form below and I look forward to hearing from you.
Tom Holian [email protected]
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