The pound will likely remain on the weaker side now as the market braces itself for the next developments with Brexit. We know already that the pound is struggling to make many gains, it really does appear that things could get worse before they get better. If you have a transfer to make then getting the best rate is key to maximising your position. So just how can I maximise my position and what should I be doing to ensure I don’t get caught out?
The best way forward in such cases is an understanding of the pending events in the market. This morning the latest Public Sector Net Borrowing data has shown us the poor state o the UK Public Finances. With Government debt standing at 87.5% of GDP the UK is in a very dangerous position. We just aren’t tackling the debt problem, we really need a lift. Whilst net borrowing actually showed a surplus for the first time in 15 years this was because the date for collecting tax fell on a different date this year rather than last year.
Overall the pound to Euro rate is at the mercy from the big divergence between the UK and the Eurozone. Essentially both politically and economically the Eurozone is beating the UK. With the likelihood the UK will continue to be worse off, the GBPEUR rate seems likely to continue to wind down lower.
If you have a transfer buying Euros getting something done sooner than later seems sensible, if you need to sell Euros for pounds seeking out the spikes seems your safest bet. For more help and assistance with any currency exchanges please speak to me Jonathan Watson directly by emailing [email protected].
Thank you for reading and I look forward to hearing from you in the future and assisting with any transactions.