The Pound to Euro exchange rate has once again climbed today, after some positive comments from key EU figures earlier in the week.
At the time of writing the pair are trading around 1.1160, although if the current trend continues I wouldn’t be surprised to see GBP/EUR exceed the 1.12 mark. It’s been trading below this level for some time now after the realities of a ‘No Brexit Deal’ hit home recently. Over the past 48-hours though, the European Union’s chief Brexit negotiator, Michel Barnier commented that the EU is willing to offer ‘a partnership with Britain such as has never been with any other country’. Sterling understandably rallied in the wake of these comments and the markets have focused on these as with many Brexit updates.
Moving forward similar commentary is likely to remain the main mover of GBP exchange rates. Economic updates are once again taking a back seat as the time for the UK and the EU to make arrangements running out. Expectations of an agreement have been pushed back to November after analaysts were initially expecting them to be confirmed in October.
The longer term trend is for the GBP/EUR pair has remained as high as 1.15 and as low as 1.07. I think that in order to see these thresholds broken it will take a major update, and this is likely to be Brexit related. If you wish to be kept updated in the event of a major market movement, do feel free to register your interest.
If you have a large 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 (Joseph Wright) on email@example.com and I will endeavour to get back to you as soon as I can.