The Pound vs Euro has had a strong week so far after the news surrounding Brexit from Europe came out a little more positive than what we have seen recently.
The Pound jumped after rumours circulated that the EU is looking at preparing a document outlining more flexibility with the talks between the UK and the European Union.
With phase 2 of the Brexit negotiations due to start next month this came as welcome news and caused GBPEUR exchange rates to rise to the best rate to buy Euros in two weeks.
David Davis spoke yesterday in Vienna and his tone was also rather upbeat and he later tweeted that the UK will not be ‘plunged into a Mad Max style economy’ post Brexit.’ The tone coming from Europe recently has been a lot more friendly and I think if we have some further breakthroughs during next month the Pound could start to increase against a number of different currencies including vs the Euro.
Later this morning we have a big release for the UK with the latest set of Unemployment data as well as Average Earnings. Unemployment is due to come out to close to its lowest levels since records began over 40 years ago but wage growth is the real concern for the UK and the Pound as it is currently lagging behind inflation.
However, whatever happens with this release is likely to influence what the Bank of England does with monetary policy going forward so I think we could see a lot of movement on GBPEUR rates later on this morning.
If you would like to free quote when buying or selling Euros 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.
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