Sterling drops as Brexit talks take centre stage, will GBP/EUR drop below 1.12? (Joseph Wright)

The Pound to Euro exchange rate has dropped this afternoon, as its emerged that draft guidelines on a trade agreement between Britain and the EU are published on Wednesday.

Donald Tusk, the chairman of EU leaders was in London to discuss the Brexit negotiations with UK Prime Minister, Theresa May recently. It will be him that presents the draft guidelines tomorrow so those interested in how the GBP/EUR rate is performing should be aware of this.

In the morning there will be GDP figures released out of the EU which also hold the potential to move markets. 0.6% is expected on a quarterly basis and 2.7% annually so expect any deviations from these figures to result in movement for the pair.

Then on Thursday at 12.45pm the ECB (European Central Bank) interest rate decision will be announced. No change is expected but those monitoring the rates should follow the statement at 1.30pm as any reference to future monetary policy may result in movement for the GBP/EUR pair.

It’s data this that can move the markets and a bout of poor data for the Pound is likely to see the Pound dip into the 1.11’s and consolidate there. The rate has dipped into the 1.11’s at times today so those with plans involving the pair should be aware of this.

If you would like to register your interest with me due to planning an upcoming currency transfer, 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 [email protected] and I will endeavour to get back to you as soon as I can.