Will today’s speech give GBP/EUR direction? (Joseph Wright)

Brexit vote

The Pound to Euro exchange rate has been hovering around the 1.13 mark over the past 24 hours, but a key speech in Austria this morning could offer the pair some direction moving forward.

At 9.30am this morning David Davis, the Brexit Secretary will give a speech on Brexit where he is expected to say ‘Britain won’t turn into a Mad Max-style dystopia’. He’s also expected to say that Britain won’t abandon workers’ rights and environmental concerns after Brexit.

In the build up to this the Pound has softened against some major currency pairs but it’s holding its ground against the Euro so far, leading me to believe that some bullish comments from David Davis are likely to result in GBP/EUR breaching 1.13.

Aside from this morning I think the next month could be busy for GBP exchange rates as within the next month we’re likely to know the UK’s stance on the Brexit transitional deal. Also the Chancellor of the Exchequer, Philip Hammond will announce the latest Spring statement so there are plenty of events that could potentially move the markets.

If you would like to be kept updated in the event of a major market move for GBP/EUR, do feel free to register your interest with me.

If you have a large currency exchange to carry out in the coming days, weeks or months then you are more than welcome 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. A small improvement in a rate of exchange can make a huge difference so for the sake of taking two minutes to email me you may find you save yourself hundreds if not thousands of Pounds. You can email me (Joseph Wright) on jxw@currencies.co.uk and I will endeavour to get back to you as soon as I can.