Sterling has found plenty of support during Tuesday’s trading, gaining almost a cent against its EUR counterpart.
This positive move has ended days of stagnation, with the Pound struggling to make much of an impact over the past week.
GBP/EUR rates hit a high of 1.1353 this afternoon, with investor confidence seemingly boosted by a report released earlier today. It indicated that the EU Parliament is set to push for Britain to have “privileged” single market access, giving the UK more flexibility and thus softening our upcoming exit.
Whilst these reports have not been substantiated, they seem to have provided enough substance to act as a potential catalyst for Sterling’s improvement today.
If true they would also go against the EU’s chief Brexit negotiator Michel Barnier, who has fought against any type of open access for Britain once it has removed itself from the EU bloc.
The current market is proving increasingly difficult to dissect, with GBP/EUR rates moving off rumours more than facts. This makes predicting or identifying any trends more challenging for investors and clients alike. I do believe we continue to operate in a short-term opportunist market and as such any clients with an upcoming Sterling currency transfer should be keeping a watchful eye on the current developments.
Looking ahead and tomorrow we have the latest UK Unemployment figures, which against have the propensity to be a key market shifter. With Unemployment predicted to remain unchanged at 4.3%, expect additional volatility on GBP/EUR rates should the official figure be released outside of this remit.
If you have an upcoming GBP or EUR currency transfer to make, you can contact me directly on 01494 787 478. We can help guide you through this turbulent market and as a company we have over eighteen years’ experience, in helping our clients achieve the very best exchange rates on any given market.
Our award inning rates can be accessed very easily over the phone and I can keep you posted with key market developments ahead of any prospective exchange you need to make.
Feel free to email me directly on [email protected] to find out all the options available to you ahead of your currency transfer.