The Pound has made a small recovery against the Euro during the course of this week after a number of mixed UK economic data releases.
UK unemployment came close to its lowest levels in over 40 years but was a little higher than expected and UK growth saw a small fall to 1.4% for the year compared to the expectation of 1.5%.
This led to a small amount of movement for Sterling exchange rates but ultimately I think we will start to see GBP exchange rates move again next month when the topic of Brexit will be heating up.
Yesterday Theresa May held a meeting with 11 MPs which involved what the plan will be during the transitional period due to take place between March 2019-December 2020. The future of the Pound will clearly be determined by how the talks pan out during the course of this year and with Phase 2 of the Brexit plans due to start next month this could see a lot of volatility coming for Sterling next month.
The Pound ended the week at a 2 week high vs the Euro creating some better opportunities to send money to the continent which is good news for anyone buying a property in Europe at the moment.
As we go into March there are also a couple of big events happening politically in both Germany and Italy. A postal vote in Germany is taking place on with the voting due by the first week of March as well as the latest Italian election due on 4th March.
As we have seen on a number of occasions political uncertainty can often cause weakness for the currency involved so I think we could see some Euro weakness coming during the first part of next month.
If you would like to free quote when buying or selling currency and would like to save money on exchange rates compared to using your own bank then contact me directly. Having worked in the foreign exchange industry for one of the UK’s leading currency brokers since 2003 I am confident of being able to save you money and help you with the timing of your transfer.
Feel free to email me directly with a brief description of your requirement and I look forward to hearing from you.
Tom Holian [email protected]
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