The Pound has risen quite dramatically against the Euro in recent weeks, with the pair hitting 1.14 both yesterday as well as this morning which is a 10-week high point for the pair.
Brexit uncertainty appears to have taken a back seat for now, which has seen GBP/EUR rise over 6 cents in recent weeks making the exchanging of Pounds into Euros a more attractive proposition.
The Pounds gains have been aided by a weakening Euro which has mostly been caused by the German election which took place over the past weekend. Although Angela Merkel’s Christian Democratic Union (CDU) party won for a forth consecutive term as expected, the talking point of the election is the rise of the far-right Alternative for Germany (AfD) party as they were the third best performing party.
This has softened the Euro and with the unofficial Catalan election in Spain also just around the corner and threatening to cause tensions in the region I think there’s a chance we could see the Pound continue to climb.
On Friday there will be the release of UK GDP data which could provide the Pound with a boost if the figure released is better than expected. The release comes out at 9.30am and the expectation is for 1.7% year on year and 0.3% for the 2nd quarter of this year.
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.
