During the last few days a number of European countries have set out some plane as to how they will relax their lockdown rules. However, UK Chancellor Michael Gove confirmed that the UK will not be making any changes just yet. He went on further to say that schools will remain closed until further notice after a report published by the Sunday Times suggested that schools could be reopened by as early as 11th May.
Only last week the UK announced at least another three weeks of lockdown and with deaths still rising there are a number of factors involved before the UK will think about making any changes to the lockdown status.
Prime Minister Boris Johnson held a video meeting with a number of senior officials on Friday night. During the meeting he claimed that easing restrictions too soon could cause a secondary peak of infections and that this could then involve another lockdown period, which would cause further damage to both health and the economy.
Since early March the GBPEUR exchange rate has moved in excess of ten cents from the high to low. During the last week the pound has traded close to its highest level during this period creating some excellent opportunities to send money to Europe. Indeed, the amount of movement from the high to low equates to the difference of over £8,000 on a currency transfer of EUR100,000. This highlights the importance of using a specialist currency broker who can keep you updated with exchange rates.
UK Economic Data Prior to the Lockdown
Tomorrow morning brings with it both average earnings data as well as unemployment figures for the UK. The releases are for February which was before the lockdown period so it will make interesting reading to see how the UK was performing prior to the lockdown which was instigated during March.
The pound has been knocking on the door of 1.15 on the Interbank for a number of days during last week and I think we could see further moves forward for the pound vs the euro. Therefore, if you have a currency transfer to make involving Euros it would be worth keeping a close eye out on GBPEUR exchange rates during the course of this week.
The other option that a currency broker can offer you is that of Limit Orders which allows you to pre-agree a deal if the market reaches that higher rate even for a short period of time.
If you have a currency transfer to make involving Euros and would a free quote compared to using your own bank then contact me directly. Also, we are operating business as usual so feel free to send me your enquiry and I look forward to hearing from you.