The Pound has once again come under pressure vs the Euro after the uncertainty of Brexit continues to concern investors in Sterling.
The most recent business confidence survey by Markit showed concerns within the British economy at the moment as it appears as though business investment is being paused whilst the political and economic uncertainty continues.
The markets appear to be holding on for more clarity surrounding what will happen next with the Brexit discussions and until we get further news I think this will inhibit the Pound from making any real gains against the Euro.
Yesterday evening it was announced that the EU withdrawal bill will be discussed in the House of Commons on June 12th after the proposed legislation was defeated in the House of Lords last month.
This has once again piled pressure on the government and this has been reflected in the value of Pound vs the Euro.
Indeed, although there are clearly problems politically in both Spain and Italy this has not seen any real problems for the Euro which highlights how much pressure Sterling is facing at the moment.
On Thursday the European Central Bank will announce the latest set of Eurozone GDP data for the first quarter with expectations for 0.4% growth quarter on quarter so any revision could see some volatility for GBPEUR exchange rates towards the end of the week.
We end the week with the NIESR GDP estimate for the last three months and although this is not the official release it is usually very accurate so if we see another slowdown this could see the Pound fall at the end of the week providing a good opportunity to sell Euros to buy Pounds.
Having worked for one of the UK’s leading currency brokers since 2003 I am confident that not only am I able to offer you better exchange rates but also help you with the timing of the transfer.
If you would like further information or a free quote then contact me directly and I look forward to hearing from you.
Tom Holian firstname.lastname@example.org