The Pound has continued to fall against the Euro as predicted in my previous articles as UK inflation published yesterday saw a drop compared to the expectation.
The figure came out at 2.6% compared to 2.7% and this caused the Pound to fall to its lowest point since October vs the single currency.
UK unemployment data which has been a shining ray of light for the economy is due out this morning with the expectation for 4.5%.
The problem that the UK economy is facing however is that of Average Earnings which are slipping in comparison to inflation which effectively increases the cost of living.
Also, at the moment the Brexit remains the hot topic with a total of 12 papers due to be published over the next few days. One of which will be outlining the British position regarding the border of Northern Ireland. If this goes well could this see the Pound recovering some of its losses?
Personally I think at the moment the Pound will continue to struggle against the Euro until we get some form of clarity over Brexit which is unlikely to happen for a long time.
Therefore, if you’re looking to buy Euros over the next few weeks it may be worth looking at buying a forward contract which allows you to fix an exchange rate for a future date for a small deposit.
If you have a 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 (Tom Holian) on [email protected] and I will endeavour to get back to you as soon as I can.