Pound hits lowest rate to buy Euros in 2018 caused by the potential of a no deal Brexit

Negative Retails Sales Figures put further pressure on GBPEUR

The Pound vs the Euro is now trading at its lowest level to buy Euros all year. The latest topic surrounding Brexit has not gone well and it appears at the moment that we’re facing a no deal Brexit which has sent the Pound into a bit of free fall against the Euro.

Since the talks began they have typically resulted in a lot of negativity for Sterling exchange rates against a whole host of major currencies and in particular vs the single currency. This is great news if you have just sold a property in Europe or planning to in the near future.

Indeed, a lot of my clients have been opting for a forward contract which allows you to fix an exchange rate for a future date taking advantage of these current excellent opportunities to buy Pounds with Euros.

One positive ray of light is that the EU chief Brexit negotiator Michel Barnier and UK Brexit secretary Dominic Raab have agreed to keep the talks going non-stop in order to avoid a non-deal Brexit. However, at the same time this highlights the plight of Sterling against the Euro as we are slowly running out of time.

The trade relationship between the EU and the UK is still yet to be decided as well the issue in Ireland which has been a sticking point for a very long time.

The talks were originally planned to be finished by the end of October but it appears as though the deadline will be extended in the hope of being able to reach an agreement by the end of March 2019.

Another reason to be cautious if you’re planning to send money overseas is that the UK has also published 24 out of 80 papers of how to deal with a no-Brexit deal and with more papers planned to released in the near future I think this could set the tone for a very bleak future for Sterling and therefore if you’re planning to buy Euros it may be worth getting this organised in the very near future.

I have personally worked in the foreign exchange industry since 2003 for one of the UK’s leading currency brokers and I’m confident that with my experience I’m able to help you both with the timing of your currency transfer as well as saving you money compared to using your own bank.

For further information or a free quote then contact me directly and I look forward to hearing from you.

Tom Holian teh@currencies.co.uk