The rate to buy Euros with Pounds is currently close to its lowest level since last autumn as the UK economy appears to be feeling the negative effects caused by the uncertainty of the Brexit negotiations.
As yet we are nowhere near a resolution and I think if and when it happens this will be a long way off which could keep the pressure on Sterling exchange rates for quite some time.
Today could be a very big day for Pound Euro rates as there is a huge amount of economic data due out.
We begin with Eurozone Retail Sales figures at 11am which will provide us with an insight as to how the economy is performing as well as confidence in Europe.
However, arguably much more important is the news due to come out from the UK later on today. At midday the Bank of England announces its latest interest rate decision.
Last time the split was 5-3 in favour of keeping interest rates on hold but since the previous decision Kristin Forbes who was one of the 3 in favour of a rate hike has been replaced by Silvan Tenreyo who is unlikely to want to rock the boat.
This will be closely followed by the Quarterly Inflation Report as well as a speech given by Bank of England governor Mark Carney. Depending on the tone this could provide a lot of volatility during today’s trading session so if you’d like a free live quote to buy or sell Euros then ring me directly by calling 01494-787478.
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 (Tom Holian) on email@example.com and I will endeavour to get back to you as soon as I can.