It’s been well documented on this blog that last year the Pound to Euro rate failed to move outside of the 1.10 to 1.15 range, and this has been the case for over a year now.
This year in my opinions holds the potential for some greater market movements and I wouldn’t be surprised to see the pair move out of the 5% deviation we’ve seen for a while now. Those following UK politics will be aware that the Brexit is now just around the corner, as the date of the expected divorce from the EU is scheduled to take place on the 29th of March.
This month could be busy for GBP exchange rates as well as crucial for the UK moving forward as there is an expected key vote on the Brexit deal that PM May has proposed and drawn up with her EU counterparts. The previous vote was cancelled right before the proposed vote and this was because May feared a substantial loss. Her position was called into questions subsequently and now she’s survived the vote of no-confidence her next task will be to try and push her deal through parliament.
Those of our readers planning on making a currency exchange involving the Pound and the Euro should be aware that next vote is scheduled to take place on the week commencing on the 14th of January. I expect the Pound to be sensitive to the result of this vote so those of our readers planning a transfer can feel free to get in touch for both opinions and to be updated in the event of major market movements.
A number of EU based economies have also begun to show signs of an economic slowdown, including Germany so there is potential for the Euro to drop if this signs continue and the political concerns remain.
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.