Pound Sterling exchange rates vs the Euro have remained in a very tight range so far this week as it appears as though the markets are adopting a wait and see approach in anticipation of the EU summit due to start shortly.
Even this morning the markets have only moved by 15 pips on Sterling vs the Euro which is very unusual. The summit taking place will have the Brexit topic at the top of the agenda and at the moment the Irish border issue is still far from being concluded.
Today’s meeting was originally planned to conclude the talks but recently there have even been suggestions that the talks may even be extended by another year in order to allow time for a more planned Brexit rather than rushing through a deal.
If today’s summit ends with a further lack of clarity of what happens when and next I think this could cause problems for the Pound as it would mean the UK would be heading closer to a ‘no deal’ situation and although I don’t think this will ultimately happen, a lot of things will need to fall in to place and very quickly in order to navigate through what is a political and economic minefield.
If you’re planning to make a currency transfer in the near future it will be extremely important to make sure you’re well prepared for potentially a lot of market movement on Pound vs Euro exchange rates as the slightest news release could cause big swings on the markets.
Metaphorically speaking, today appears to be like standing at the fireworks display with a start time of 8pm but it’s now 8.15 and you’re thinking when or even if the display will start so be prepared for a very busy day ahead on GBPEUR rates.
If you’re in the process of buying a property in Europe and you 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.
Tom Holian teh@currencies.co.uk
