Sterling found some support against its Euro counterpart during Wednesday’s trading, with GBP/EUR rates moving back above 1.08.
The Pound has hit a high of 1.0885 this morning, before retracting slightly ahead of the release of the Eurozone Unemployment Rate at 10am. With a figure of 9.1% unemployment predicted and likely factored into the current Euro value, we can expect additional volatility on GBP/EUR rates later this morning if the official figure is released varies.
Those clients holding Sterling should be looking at this improvement as a silver lining, following weeks of negative downturns.
As regular readers will be aware much of Sterling’s demise can be attributed to the complete lack of uncertainty surrounding the UK economic future in the wake of Brexit. With multiple media reports indicating a disjointed government and inept tactical approach to Brexit negotiations, investor confidence in the Pound seems to have diminished rapidly.
Whilst the Pound has found some much needed support around the current levels, the current outlook remains fairly bleak and for this reason I would be extremely tempted to take advantage of the current levels.
If you have an upcoming GBP or EUR currency transfer to make you can contact me directly on 01494 787 478. We can help guide you through this turbulent market and as a company we have over eighteen years’ experience, in helping our clients achieve the very best exchange rates on any given market.
Our award inning rates can be accessed very easily over the phone and I can keep you posted with key market developments ahead of any prospective exchange you need to make.
Feel free to email me directly on [email protected] to find out all the options available to you ahead of your currency transfer.