Its been an extremely tough period for Theresa May in recent weeks and her struggle continues. This evening an important vote will take place in the commons in regards to keeping Britain in a customs union. Reports are suggesting that Brexiteers could call for a vote of no confidence therefore tonight vote could have a major influence on exchange rates. In anticipation of the vote GBPEUR exchange rates have dropped over a cent throughout the day.
In other news Governor of the Bank of England Mark Carney told the press today that a no deal would mean that the Bank of England would have to rethink their interest rate strategy. My personal view is that the Bank of England are unlikely to raise interest rates in August due to all of the uncertainty and this is what the Governor was eluding to today. If it’s the case that the Bank of England fail to raise interest rates I expect the pound will fall further against the euro as the market has already priced in a hike.
If you are buying or selling euros this week, month or year and I have not covered the currency pair you are trading, I would recommend emailing me with the currency pair (EURUSD, EURGBP, EURAUD) and the reason for the transfer (company goods, property purchase) and I will response with my forecast and the options available to you firstname.lastname@example.org. Alternatively if you would like to discuss your requirements over the phone call 01494-787478 and ask to be put through to Dayle Littlejohn.
** If you are already using a brokerage and would like to know if you are receiving the best rates possible email me with the exact figures and I will reply with our live price. This will take you a few minutes and in the past I have saved clients thousands! **