The Pound is still finding life fairly tough against most major currencies and the start of this week has shown no change in the current trend.
Recent economic data should have given Sterling a good boost, with a rise in interest rates, the lowest unemployment levels since 1975 and much higher than expected retail sales you would expect that the Pound would be absolutely flying but unfortunately it is merely treading water and in fact slowly sinking.
The main reason behind this is the uncertainty that Brexit talks are showing. If you put yourself in the mind of an large investor and viewed the U.K as a business, then it would be highly doubtful that you would look to invest in that business at present.
With uncertainty hanging over the future of how that business will trade, what the business’s plans are and who in fact may even be running the business in the future many larger investors are leaving the u.k alone and that is weighing on the demand for the Pound.
Unfortunately we do still seem like we are quite a way away from positive developments from Brexit but I do feel that should we get these then the Pound would be set for a great boost as I still feel it is extremely undervalued.
Looking to buy foreign currency with the Pound?
For those looking to buy foreign currency in the near term I would be wary of holding on for that news as it may be more based on hope than anything else, on the flip side should we hear any further bad news regarding Brexit talks then we may see the Pound take a further tumble.
Let’s not forget that there is still an issue with Turkey that is bubbling away and should that really blow up once again then we may see the Euro have a period of weakness, but at present it does appear that for the time being those issues have been dampened down.
Should you need to make a purchase of Euros or should you be selling Euros to buy Pounds in the near future then it is well worth you registering an interest with me as I will be able to help you.
We pride ourselves on not only getting the very best rates of exchange for clients but also keeping them fully abreast with the latest market movements, helping you to catch your rate at the right time.
If you would like me to get in touch to discuss current GBP/EUR exchange rates then you are more than welcome to send me (Daniel Wright) a message using the form below and I will get back to you personally to discuss your specific situation.