The pound to euro rate is now on a 10 week losing streak as the markets await the result of the Conservative party leadership contest and the next movements once the UK has a new Prime Minister in place.
No Deal Brexit: Is it a likely to happen?
With the chance of a ‘no deal’ Brexit seemingly increasing over the past few weeks the pound really has started to struggle against all major currencies, most notably hitting a 27 month low against the dollar and closing in on a year low against the euro. The problem is at present that there is no glimmer of light at the end of the tunnel, once a new PM is in place MP’s are due to head off to summer recess, so it is unlikely that we will see any major progress in the short term.
No progress heightens the chance of no deal as we head closer and closer to the deadline on October 31st and no deal is on the horizon, companies are starting to hold back from any vast expenditure, the property market is stagnant and the whole of the UK is pretty much slowing down until there are any firm plans in place.
Will Pound to Euro rates drop below 1.10?
With this in mind it is no surprise that the pound is struggling, investors and speculators alike are staying away from sterling and many analysts believe that we may see this poor run of form continue due to the various reasons above.
I personally would not be surprised to see sterling euro exchange rates drop below 1.10 in the coming days, so if you are looking to buy euros in the near future it is sensible to consider all of the options available to you.
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