GBP/EUR rates reach month high
Pound to euro exchange rates have risen in the last 24 hours and are now at the best levels to buy euros in 1 month. This has presented an excellent opportunity for any clients looking to buy euros with pounds. This is a combination of strength for the pound, following optimism a deal may be struck on Brexit, and weakness for the euro, as investors fret over possible monetary easing from the ECB, European Central Bank.
The pound to euro rates have improved following a test of the lows not seen since 2009, at 1.064. The closest since had been a test of the lows in 2017, when GBP/EUR hit the 1.07’s on the interbank rate. I think it is worth pointing out we are very close to those previous highs for selling Euros for pounds. Depending on your point of view, this might be seen as historically, a good time to be selling euros for pounds.
Upcoming events that may affect Pound to Euro exchange rates
Events ahead include the returning of parliament in the UK, on the 3rd September. This will see the pound face some scrutiny as investors debate what happens next on Brexit. For any clients looking to buy or sell pounds against the euro, this could be an important event ahead to be monitoring.
Further to this, clients interested in the euro might wish to be conscious of the ECB meeting scheduled for the 12th September. The Bank of England will also meet on the 12th September, where monetary policy will be discussed by Mark Carney and his team.
Historically speaking, interest rate decisions can be times of increased volatility on the currency markets. GBP/EUR levels have risen of late for the reasons mentioned above, but there are no guarantees they will keep rising. We can monitor the levels for you and offer assistance with the timing and planning of any exchanges.
For more information on the latest currency news and events that will move your rate, speak to our team today.