Sterling has fallen in value today after some disappointing data released this morning.
According to data from the Office for National Statistics (ONS) the consumer price index has hit a 1-year low last month. Although this was expected the figure is the lowest since March of 2017, and it showed 2.4%.
This lessens the possibility of a rate hike from the Bank of England later in the year, which is why the Pound has dropped in value. It’s worth noting that many within the financial markets had expected to see the base rate hiked last month and the chances of this happening this year have now slimmed, which is why GBP/EUR is a couple of cents lower now than it was just a few months back when hopes were high.
The Brexit negotiations and internal disputes are being discussed in parliament as we speak as UK Prime Minister, Theresa May hopes to bring about an agreement between her party.
Tomorrow there could be movement for GBP/EUR exchange rates as there is a European Central Bank (ECB) meeting with high hopes of a key update from ECB president, Mario Draghi.
If the ECB plans on cutting back on its Asset Purchasing Plan I expect to see the Euro strengthen.
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.