We saw Sterling Euro exchange rates fall briefly after a steady run against the Euro following the release of UK Retail Sales which showed a fall to 1.4% from 3%.
As the data covered December this is the most crucial month of the year for retailers and as the figures came out much lower than expected the Pound fell from its week high during Friday’s trading session.
The Pound overall since the start of the year has performed relatively well with pre-Brexit levels achieved for GBPUSD exchange rates and a slow rise against the single currency.
With the previous Brexit talks back in December coming out positively I think when the next talks in March resume we could see further positive discussions and if this takes place I think we could possibly see the Pound rising further in value as clearly the issue of Brexit is hampering the value of Sterling particularly against the Euro.
The Bank of England have also hinted that the next move for interest rates could be upwards.
Deputy Governor Ben Broadbent suggested that if wage growth remains strong then an interest rate hike could be coming.
However, in my opinion this will not be coming in the next few weeks so don’t expect the market to be too impacted by the current rumours.
The Euro has tailed off from its recent 3 year highs vs the US Dollar and this sell off has helped the Pound to increase which is good news for anyone looking to send money overseas.
On Wednesday we could see a big day for Sterling exchange rates as the UK releases both UK unemployment data as well as Average Earnings.
UK unemployment has been very strong recently at its lowest point in decades but average earnings have been falling behind inflation. Therefore, if you’re in the market to do a currency transfer then keep a close eye out for Wednesday’s data.
If you have a need to make a currency transfer in the coming days, weeks or months then feel free 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 compared to your bank or another currency broker.
Even a small improvement in the exchange rates can make a big difference so feel free to to email me and you may find you could save yourself hundreds if not thousands of Pounds. You can email me (Tom Holian) on [email protected] and I will respond to you as soon as I can.