The Pound to Euro exchange rate breached 1.13 today before falling back into the later 1.12’s.
Some bearish comments from European Central Bank (ECB) President, Mario Draghi first thing this morning put the Euro on the back foot throughout the day, although it does appear to have some support around the 1.13 mark.
Draghi stated that there needs to be further evidence that inflation dynamics are moving in the right direction before the ECB will consider ending its extensive quantitative easing programme which appears to have disappointed the markets.
Aside from this issue data this morning showed that there have been contractions in EU employment, and industrial production figures also disappointed out of the EU as figures showed much weaker performance in January than expected.
The Pound on the other hand has been boosted recently as fears surrounding the Brexit and the transitional deal have subdued somewhat. I do think that those planning on making a currency exchange involving the Pound should be aware that details of the transitional agreement are due to go public within the next 10 days so it’ll be interesting to see how GBP exchange perform in the wake of that news.
There is a quiet end to the week scheduled for UK economic data so it’s likely that politics will remain the main mover of GBPEUR exchange rates. If you would like to be notified should there be a spike between GBP/EUR, do make me aware.
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 [email protected] and I will endeavour to get back to you as soon as I can.