The Pound has made gains during the week hitting close to a 4 month high at the start of the week owing to the Italian referendum news which saw Renzi lose the vote on constitutional reform.
The Pound then struggled following the Supreme Court hearing but made gains after the government voted in favour of the UK pursuing Article 50.
On Thursday afternoon the Pound then improved vs the single currency as the European Central Bank announced that although they may be reducing their monthly QE volume form EUR80bn to EUR60bn they did confirm that the current programme due to end in March 2017 will continue.
Yesterday morning UK Trade Balance figures published by the Office of National Statistics confirmed that the figure had reduced which is good news and this was reflected in GBPEUR exchange rates which went in an upwards direction breaking through 1.19 on the Interbank level.
I think there is further gains to be had for the Pound vs the Euro next week and we could possibly challenge 1.20 levels especially if the US Federal Reserve decide to increase interest rates at next Wednesday’s meeting.
If the US do raise rates then investors will likely plough into the Dollar causing Dollar strength and Euro weakness. Good new for anyone looking to buy Euros with Sterling.
Both UK and Eurozone inflation data is due out on Tuesday and I think if we see the figures high in the UK then this could see Sterling make gains possibly hitting 1.20 if the news is good.
Having worked in the foreign exchange markets since 2003 I am confident that not only can I offer you bank beating exchange rates but also help you with the timing of your transfer of money.
If you need to buy or sell Euros and would like a free quote then contact me directly and I look forward to hearing from you.
Tom Holian [email protected]