GBP to EUR rate drops despite positive news for the Pound, is this a sign? (Joseph Wright)

The Pound to Euro exchange rate crucially hit a new 8-year low today, after hitting 1.0898 at one stage during today’s session.

This is despite some positive news for the UK economy as today it was announced that UK public finances showed a surprise surplus of £184m in July, which is the first time the figure has been in the black (in July) since 2002, with many expecting the figure to show a deficit.

Despite this the Pound has still fallen and at the time of writing the GBP to EUR pair are trading just over the 1.09 mark. We’re still awaiting the 5 Brexit papers which will provide us with an overview of the Brexit plan and I think that this could move the GBP/EUR pair if the news is particularly positive or negative.

On Thursday there will be the release of UK GDP figures at 9.30am for the month of July, the expectation is for 1.7% so again expect any deviations from this figure to result in movement between the pair.

If you are planning a currency exchange and would like to be kept updated regarding any short-term price movements, do feel free to register your interest with me.

If you have a large currency exchange to carry out in the coming days, weeks or months then you are more than welcome to speak with me directly as I will be more than happy to help you both with trying to time a transaction and getting you the top market rate when you do come to buy your currency. A small improvement in a rate of exchange can make a huge difference so for the sake of taking two minutes to email me you may find you save yourself hundreds if not thousands of Pounds. You can email me (Joseph Wright) on [email protected] and I will endeavour to get back to you as soon as I can.