Will the pound rise or fall tomorrow? (Dayle Littlejohn)

EUR GBP Moves Higher Ahead of UK GDP Update

Over the last 6 weeks GBPEUR exchange rates have risen an astonishing 6 cents when many of the leading investment banks including HSBC, Morgan Stanley and JP Morgan predicted parity would occur at some point in 2018. To put this into monetary value for clients that purchased €200,000 today compared to three weeks ago they would have paid £10,000 less.

Tomorrow UK Prime Minister Theresa May is set to steal the headlines when she delivers her life after Brexit speech. The pound has increased in value against the euro today and I believe this is because speculators are 2nd guessing that Theresa May will provide further strength for the pound.

The rumour on the market is that she will offer the EU an amount of euros to settle the ‘divorce settlement’. By doing this, the UK and EU negotiators are one step closer to discussing a future trade deal which can only be good news for people buying euros with pounds. I am expecting a further spike for euro buyers however I expect most of the movement is already priced in.

Looking to the weekend the German election should provide some stability for euro sellers as Angela Merkel is likely to be announced to continue her role as the German Chancellor. However if this wasn’t the case I expect a strong sell off of the euro.

For further information in regards to converting GBPEUR feel free to email me with the reason for the transfer (company goods, property purchase) and timescales you are working to and I will respond with my forecast and the options available to you [email protected]. Alternatively if you would like to discuss your requirements over the phone call 01494-787478 and ask to be put through to Dayle Littlejohn.

Common clients I help on a daily basis are Sole traders, MD or FD of a company, property buyers and sellers. If you are one of the three and are currently using the bank to transfer your currency you need to be made aware that you could be saving money!

** If you are already using a brokerage and would like to a free quote email me with the exact figures and I will reply with our live price. This will take you a few minutes and in the past I have saved clients thousands! **