As predicted in my previous article the Pound started the week off on the back foot against the Euro after lower than expected Industrial and Manufacturing Production data.
Manufacturing fell by the biggest monthly drop in almost 6 years by falling 1.4% during April.
UK Trade Balance figures also showed a big drop with the trade deficit widening to £9.7bn from February to April. Combined with this we saw the latest NIESR GDP data which showed a fall to 0.2% which was lower than the expected figure of 0.3% highlighting evidence of a slowdown caused by the Brexit uncertainty.
With the EU Withdrawal Bill due to be debated in the House of Commons over the next couple of days we could be in for a very volatile period for GBPEUR exchange rates depending on the outcome of the result.
Theresa May is likely to be supported by the DUP as MPs will be debating 14 changes to the Bill made by the House of Lords recently. However, some Tory back benchers may not support the changes and this could cause a problem for the government and therefore this could be reflected negatively with Pound vs the Euro exchange rate.
If May does not win the vote this could mean that Theresa May does not have full control of the negotiations going forward and with a key EU summit due to take place on June 28th this could really cause problems for the Pound.
Therefore, if you’re considering making a currency transfer then keep a close eye out on GBPEUR exchange rates during the next couple of days as we could be in for a lot of movement.
If you have a currency transfer to make and would like to save money on exchange rates compared to using your own bank then contact me directly for a free quote and I look forward to hearing from you. I work for one of the UK’s longest established currency brokers and I’m confident I can also help you with the timing.
Email me directly
Tom Holian firstname.lastname@example.org