The Pound to Euro exchange rate has spiked up to 1.1250 almost this morning as financial markets await UK data releases.
The Gross Domestic Product (GDP) figure for the UK during Q2 of this year will be released this morning, with expectations of 1.3% Yearly and 0.4% Quarterly expected to be released. This comes out at 9.30am and it could influence the direction of the Pound throughout the day, especially if the figures released deviate from the expectations.
We’ve seen the Euro lose value over the past 24-hours which has helped push the GBP/EUR rate towards some of its highest levels of the past 2-months, with mid-market levels in the late 1.12’s being the highest since mid-July. Economic data isn’t the main driver of Sterling exchange rate fluctuations at the moment as the Brexit continues to dominate headlines. The time to agree a Brexit deal is running out for the UK’s negotiators and expectations of a deal to be in place have now been pushed back to November. Between now and then there are a number of key dates that could result in major market movement, and if you wish to go over these dates and be updated in the event of a major market movement, do feel free to get in touch.
The weakness for the Euro has been bought on by concerns surrounding the next Italian budget, which has been postponed owing to disagreements between the ruling parties that make up the current coalition.
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.