The pound continues its very gradual slide lower against the Euro in the first week of this year. GBP EUR is under pressure as we now inch closer to 31st March, the deadline that UK Prime Minister Theresa May has stated she will invoke Article 50, the mechanism required to pull Britain out of the European Union. The Supreme Court Ruling which may arrive as soon as next week is also going to be a huge driver for GBP EUR and will in my view create new direction.
Those clients who have a requirement to either buy Euros or sell Euros would be wise to make contact to look at the options available to you and how to try and maximise on the exchange rates as the better levels become available.
Despite a very positive week for the UK with very strong numbers for the manufacturing, construction and services sectors as per the Purchasing Managers Index (PMI) the pound has not seen any real boost higher as the uncertainties surround Brexit keeps pressure on sterling.
European retail sales numbers and consumer confidence figures are released this morning which should give some clues as to the outlook on the high street in the Eurozone and could impact on Euro exchange rates.
This afternoon sees US Non-farm pay rolls which is the first major US data release to start the New Year. This could have a big impact on USD EUR exchange rates this afternoon so those clients needing to sell dollars for pounds could see some market volatility. The performance of these numbers are likely to dictate how interest rates are set this year in the US.
If you would like further information on the Euro and to discuss how we can assist then please feel free to contact me on 0044 1494 787 478 and ask one of the team for James. Alternatively, I can be emailed directly on firstname.lastname@example.org.