The Pound to Euro exchange rate had a great end to the week, rising above 1.17, as investors and speculators rushed to back the Pound in Friday afternoon’s trading session.
Why has the Pound risen against the Euro?
It is thought that the reason behind the spike in the market is that many now believe that due to the poor performance for both the Conservative and Labour Parties in local elections Theresa May and Jeremy Corbyn could well move a little faster to reach a compromise to get Brexit moving along with a little more pace than the current sluggish one we have been dealing with.
Pound vs Euro: Brexit has been holding back the GBP/EUR rate
The uncertainty surrounding Brexit has no doubt been holding back the Pound against all major currencies and should this uncertainty lift or even speculation start to rise over an agreement potentially getting closer in the cross party talks then Sterling exchange rates could have a further lift to come.
Is now the best time to buy Euros?
Current interbank Pound to Euro rates are up over 1.17 following a long period of being stuck in the 1.15s which makes a huge difference for those looking to buy an overseas holiday home in France, Spain, Portugal or any other region involving Euros. Even the movement in rates from the high to low point today would make a difference in cost of over £1800 so it once again shows how important it is to buy your currency at the right time.
The currency markets have been unusually quiet in terms of volatility for a few months now and this could be the start of seeing pairings such as GBP/EUR moving a lot more again. In situations such as these it is crucial that you have an experienced and proactive currency broker on your side.
Should you wish to find out more about how I can help you with a potential currency exchange then you are more than welcome to contact me directly. You can fill in the form below and I will be happy to get in touch.
Having worked in foreign exchange for almost 12 years now I have helped thousands of clients with their currency transfers and I always welcome a chat about the exchange rates. Should you wish to have a discussion about Pound / Euro exchange rates then fill in the form below and I will be more than happy to contact you personally.