Sterling Euro exchange rates dropped to their lowest level all week on Friday following the news that the House of Lords have challenged the latest Brexit bill.
The Lords want to retain the rights of the European people who are currently living and working in the UK which there are over 3.2 million and they also want an agreement to be reciprocal for those Britons living and working on the continent.
This latest challenge to Theresa May’s plans may delay the triggering of Article 50 and the uncertainty this has caused has meant problems for the Pound which have dragged its value against the Euro in a negative direction.
On Tuesday the market will turn its focus back to Eurozone GDP data and this is likely to cause big movements for the Pound to Euro exchange rate.
The Pound is struggling against the single currency owing to what is happening politically and until we get some form of clarity as to when the talks can formally begin I expect the Pound to remain under pressure.
Indeed, if Eurozone GDP comes out better than expected on Tuesday morning this could strengthen the Euro further against Sterling.
However, longer term with the Dutch and French elections set to begin making headline news I think we could see Euro weakness up ahead with GBPEUR rates perhaps even hitting 1.20 in the run up particularly to the French election with final votes due to be cast on 7th May.
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If you would like further information or a free quote when buying or selling Euros then contact me directly and I look forward to hearing from you.
Tom Holian [email protected]