The Pound is now trading at its lowest level against the Euro in 4 months and at the moment there appears to be little support for Sterling.
The political landscape is still very uncertain and with the Tories about to face a leadership election we may not even know who will be the leader until towards the end of July.
In the meantime the Confederation of British Industry has warned the Tory party of the risks of a no-deal Brexit. Indeed, the CBI appears to be fed up with the situation and we are almost three years since the original vote held back in June 2016.
With the deadline of 29th March now well and truly behind us I think the next deadline of the end of October may also not happen.
With Europe due to be on its annual holiday in August and the Tory leadership battle potentially only settled at the end of July it leaves us essentially with just two months to get the Brexit through.
This is why I personally do not think that the Brexit deal will end up going through and the likelihood of a second referendum appears to be gathering pace.
Once the leadership is sorted this might provide the Pound with a boost against the Euro but until then I fully expect the Pound to remain under a huge amount of pressure against the Euro. Therefore, if you’re in the process of buying a property in Europe it may be worth getting your currency organised in the near future.
If you do not have the full availability of funds at the moment you may wish to consider buying a forward contract which guarantees you a fixed rate for a future date.
Having worked in the foreign exchange industry for one of the UK’s leading currency brokers I am confident that I can save you money compared to using your own bank as well as helping you with the timing of your currency transfer.
If you need to buy or sell Euros and would like to save money on exchange rates then contact me directly for a free quote and I look forward to hearing from you.
Tom Holian
