In today’s look at when to sell Euros, we’ll see how, after a busy few months for the Pound, the currency seems to have settled towards the lower end of its annual trading ranges. Some market commentators expect to see the Pound to lose further value as 2019 progresses.
The recent market movement can be attributed to Brexit updates, which have mostly been negative. Hence, Sterling exchange rates remain towards the lower end of their trading ranges.
According to JP Morgan, we could see the Pound to Euro rate fall a further 3% before the end of the year. This would leave the GBP/EUR pair trading around 1.08, which would be the lowest levels seen since 2017.
Euro forecast next 6 months
Global economies are also showing signs of a slowdown and this, coupled with the Brexit uncertainty, is causing market analysts to predict a rate cut from the Bank of England next year. Over the last year, the lowest the GBP/EUR rate has traded is just below 1.10. So there is now a growing trend from analysts predicting new lows for the pair throughout 2019.
The bearish outlook for GBP/EUR comes at a time when the Euro is also under pressure. With the Eurozone economy failing to show any strong signs, this could prompt the European Central Bank (ECB) to cut interest rates. For me, this shows the strain the Pound is under, as the Pound is weakening compared to the Euro.
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. 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 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 get back to you as soon as I can.