After what has been a very turbulent week for Sterling vs Euro exchange rates the Pound has dropped against the Euro to its lowest point in weeks with 1.12 being tested to on the interbank level on Friday morning.
The Conservatives were unable to secure a majority government and now are planning to group together with the DUP. Prime Minister Theresa May’s plan has backfired and this is the reason why the Pound plummeted as the result surprised the foreign exchange markets.
However, if the agreement can be organised quickly then this could see the Pound stabilise against the Euro as this is what the market is looking for.
However, the real risk for Sterling is that of the Brexit talks which are due to commence on June 19th.
As we have already seen over the last few months the issue of leaving the European Union for the UK has caused a real problem for the Pound so although we might see the Pound make marginal gains early next week I think we could see longer term problems for the Pound in the weeks ahead.
Indeed, with the political landscape in the UK uncertain and the problems with trying to negotiate a good dal for Brexit I think we’ll see some real concerns for the British economy as currency is nearly always affected by political and economic uncertainty.
Having worked in the industry since 2003 for one of the UK’s leading currency brokers I am confident of being able to offer you bank beating exchange rates as well as being able to help with the timing of your transfer of money.
To find out more or if you’d like a free quote when buying or selling Euros then contact me directly and I look forward to hearing from you.
Tom Holian firstname.lastname@example.org