The Pound is now trading at close to its best rate to buy Euros in over 9 months as Sterling increases against all major currencies during this week.
We have hit 1.42 against the US Dollar and got close to reaching 1.15 during today’s trading session as well.
The real catalyst for Sterling’s strength came from this morning’s better than expected UK unemployment figures as well as strong average earnings which also came out better than expected.
The employment rate hit 75.3% which is the highest level since records began back in 1971 and although average earnings are lagging behind inflation they are getting closer as the months go by showing an improvement for the UK economy and this is being reflected in the value of the Pound against the Euro.
We are now a few weeks away from phase 2 of the Brexit negotiations starting again and recently the rumours are that the EU will be looking to operate closer with the UK in terms of trade than previously thought and this has also helped to increase the value of Sterling.
The next catalyst for change on GBPEUR exchange rates will come when the European Central Bank meet tomorrow afternoon at 1245pm.
Although there is little expectation that the Europeans will change monetary policy tomorrow any rhetoric giving an insight as to when a change may be coming could see a lot of volatility tomorrow afternoon.
If you’re looking to buy Euros at the moment and want to take advantage of today’s buying Euro rates then contact me directly on 01494787478 for a free quote and ask for Tom Holian when calling.
Even a small improvement in the exchange rates can make a big difference so feel free to to email me and you may find you could save yourself hundreds if not thousands of Pounds. You can email me (Tom Holian) on email@example.com and I will respond to you as soon as I can.