The Pound is really having a struggle in August against most major currencies, with GBP/EUR exchange rates dropping to the lowest level that we have seen this calendar year.
With the worry of a ‘no deal’ Brexit hanging over the head of the UK, investors and speculators alike are keeping well clear of the Pound as if it were a bad smell in the room.
It is fairly understandable, had the Pound been a large corporation you would find it very hard to put together a good argument as to why you would buy shares in it due to the uncertainty that the next few months present.
Currently we have Parliament on recess in the UK and with the media really hyping up the problems and woes, along with plenty of jawboning regarding what may happen next, Sterling exchange rates are having a torrid time.
The UK economy is actually performing fairly well, and we are set to get an update on growth figures for the second quarter of 2018 tomorrow morning at 09:30am BST.
Expectations currently are for the figure to post at 0.1% growth which is slightly down from last time, a higher figure for this and the Pound may have a slightly better end to the week and this downward trend may stop, anything lower and we could edge down closer to the 1.10 mark.
We have very little left to come out this week from the Eurozone, so I feel that growth figures and any further Brexit news will drive this pairing as we near the end of the trading week.
If you have a GBP/EUR or EUR/GBP transaction to carry out in the near future for an overseas property purchase or sale and you want to maximise the rate of exchange that you get for it then it is well worth getting in touch with me personally.
Not only can we help you improve on the rate you get from elsewhere but we can also provide insight to enable you to try and time your exchange which can make a big difference on your return too.
Feel free to email me using email@example.com with an explanation of what you need and I will get in touch with you personally from there.