Pound makes gains vs the euro
The pound has made some gains vs the euro during the course of this week providing some better opportunities to buy Euros with Pounds.
This has seens sterling hit its best interbank exchange rate against the euro in the last 10 days. UK Retail Sales data published yesterday saw better than expected data which provided the pound with a much needed boost.
Year on year figures showed an improvement to 3.3% compared to twelve months previously.
Wage growth also saw the best data in 11 years which has helped to push up consumer spending.
With inflation picking up on Wednesday, the pound has had a better week than in recent times.
UK economic data is relatively light next week so the pound to euro exchange rate is likely to be determined by the ongoing Brexit situation.
Will a general election take place this year?
Labour leader Jeremy Corbyn has written to leaders of opposition parties as well as Tory party rebels.
His proposal is to have him act as a caretaker Prime Minister. This means he would then use his position to try and delay Brexit and look at campaigning for a second referendum.
However, his proposal has been viewed with a lot of opposition especially by Liberal Democrat leader Jo Swinson.
In order for Corbyn to push through a no confidence vote he would need two thirds of MPs to support him.
According to a number of betting companies the odds are increasing that we could see a general election before the end of this year.
Ladbrokes and Betfair are both offering odds of 75%, and William Hill are offering odds of 77% for a 2019 General Election.
Therefore, it appears as though the appetite for an election is increasing which could have a big impact on Brexit.
With a no deal Brexit still being promoted by the government, any attempt to delay or stop it from happening appears to be helping the pound fight back.
Therefore, if a general election occurs could this help the pound vs the euro?
To find out more or for a free quote when converting Pounds or Euros then contact a member of our team using the form below, we’ll be happy to discuss the issues that could impact your currency exchnage in the coming months.