Pound to Euro exchange rates have risen across the board of major currency pairs today, and in the process GBP/EUR hit a 6-month high making the prospect of converting Pounds into Euros a more attractive proposition.
Nigel Farage to target 317 Labour seats in UK general election
The reason for the gains can be put down to Nigel Farage’s Brexit Party deciding not to contest previously Conservative held seats in the UK’s upcoming general election. The election is scheduled for the 12th of December which is just a month away now, and the news is considered a significant boost for Prime Minister Boris Johnson as now there are reduced chances of the Brexit Party eating into the governments voting share.
Nigel Farage’s reasons for this announcement is because he doesn’t want anti-Brexit parties to win. It also decreases the chances of a hung parliament which appears to be the financial markets preference.
Conservative majority victory will result in gains for Sterling – Reuters
Political updates remain the key driver for Sterling value as those of our regular readers will be fully aware. A recent reuters poll recently indicated that a Conservative victory would result in a 3% gain for the Pound’s value and now that Farage has stepped back this outcome appears more likely.
Although economic data is taking a backseat to political updates in the current climate, it’s worth noting that at 9.30am tomorrow and on Wednesday there will be a number of key economic data releases out of the UK so do feel free to register your interest with me if you wish to be updated if there is another market spike. The jobs market will be covered tomorrow, and on Wednesday the focus will be on inflation levels.
If you would like to be kept up to date on the latest GBP/EUR exchange rates for an upcoming currency transfer, feel free to contact one of our currency specialists using the form below.