The Pound has made some small gains vs the Euro reaching its highest level in a few weeks recently but I think these gains will be relatively short lived.
The Pound fell from its highs yesterday afternoon when ECB president Mario Draghi spoke about the subject of Quantitative Easing.
The previous expectation was for December but then the comments made yesterday suggested that this could even be brought forward to as early as October.
Eurozone economic growth was forecast at 2.2% for 2017 which is the best since 2007 and highlights how well the Eurozone economy is performing at the moment. Eurozone GDP figures rose at a faster pace than initially expected hence the Euro strength.
I think the Pound will struggle to hold on to its recent gains as the Brexit talks will likely to come back into focus.
At the moment there have been figures suggested of between €60bn and €100bn for the ‘Divorce Bill’ and as yet nothing has been agreed which is causing problems for the Pound as the uncertainty and ambiguity continues.
Until we get some form of clarity as to what will happen next with the talks I find it difficult to see any real gains for the Pound vs the Euro coming any time soon.
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 firstname.lastname@example.org and I will endeavour to get back to you as soon as I can.