The lowest level the Pound to Euro buying rate has hit this week was 1.1280 in the early hours of Monday morning.
This fall was due to fears surrounding the potential deal to be struck between the Conservative and DUP parties within the UK, as last weeks election failed result in a clear majority for any of the political parties.
Political uncertainty tends to weigh on the underlying currency which is why we’ve seen the Pound fall recently, and the GBP/EUR rate was already dropping in the lead up to last weeks vote as the race for number 10 was looking a lot closer than many had expected when the election was first announced by Theresa May (UK Prime Minister).
Being in touch with a broker during these uncertain times can be very useful, as not only are we able to offer our clients trade options that perhaps their bank wouldn’t, but we’re also able to keep clients updated with any big moves in the exchange rates they’re concerned with.
Later today we could see some more movement between the Pound to Euro rate as the Bank of England will be announcing their interest rate decision. Although no change is expected the talks afterwards could offer us an insight into the BoE’s future plans so if you wish to be kept updated regarding today’s data, do feel free to get in touch.
If you have a currency exchange to carry out in the coming days, weeks or months then you are more than welcome to speak with me directly as I will be more than happy to help you both with trying to time a transaction and getting you the top market rate when you do come to buy your currency. A small improvement in a rate of exchange can make a huge difference so for the sake of taking two minutes to email me you may find you save yourself hundreds if not thousands of Pounds. You can email me (Joseph Wright) on email@example.com and I will endeavour to get back to you as soon as I can.