Pound hits 3 month high vs the Euro but how long will it last?

The Pound has fallen marginally against the Euro during today’s trading session after hitting the best rate to buy Euros in 3 months.

Part of the reason for Sterling’s gains during the last few days has been because the tone surrounding Brexit has started to soften recently and it appears as though a deal could be struck between the UK and the European Union in the next few weeks.

EU Brexit Negotiator Michel Barnier has spoken about the subject and hinted that a deal is getting closer between the two parties and this has caused more investment to come into the UK and helped the Pound to reach these current 3 month highs against the Euro.

With the EU summit due to take place this time next week the deal will be closely scrutinized and if the Irish border issue can get resolved I think this could provide the Pound with a real boost against a number of different currencies including vs the Euro.

The Pound has so far improved by 3 cents during this month which is the difference of €3,000 on a currency transfer of £100,000 which really highlights the importance of keeping up to date with exchange rates in what could be a very volatile month ahead.

Depending on how the discussions go next week this could be closely followed by an emergency Brexit summit, so could this be when a deal is agreed between the two sides?

However, if you think the Pound may suddenly surge if a deal is agreed this may not happen as the UK will still have to get the deal ratified in parliament and at the moment it is not clear as to how the vote will go when this finally takes place.

If you have a currency transfer to make and would like to save money on exchange rates when converting Euros compared to using your own bank or broker then contact me directly for a free quote and I look forward to hearing from you.