Today sees the start of the much-anticipated EU Summit, with all eyes firmly fixed on Brussels.
Will the UK & EU finally be able to iron the remaining issues, predominantly contention over the Irish border and any prospective backstop agreement, and bring an end to the on-going Brexit saga?
The EUR itself found some support over the weekend, following mixed reports over whether a Brexit deal was imminent. This caused a sell-off of GBP positions, with the EUR moving back towards 1.13 at its high.
If it had not been for the unexpected political result in Germany, where Angela Merkel’s sister party the CSU lost control of the Bavarian state, then we could have seen the EUR move back under that threshold.
As of today, there is still no final resolution to discussions and reports yesterday indicated that it is getting less likely that a deal will eb reached by the end of the summit.
The Pound has also come under some pressure following some poor UK inflation figures this morning, news that has inadvertently boosted the EUR value.
Despite the single currency performing better this week, the political instability in Germany along with concerning economic events in Italy, are unlikely to significantly boost investor confidence in the Euro.
Whilst Brexit sentiment is still likely to drive the markets perception and GBP/EUR value for the most part, those clients holding EUR may wish to take advantage of this week’s improvements and avoid the potential outcome of a Brexit deal being reached.
If you have an upcoming EUR currency transfer to make, you can contact me directly on 01494 787 478. We can help guide you through this turbulent market and as a company we have over eighteen years’ experience, in helping our clients achieve the very best exchange rates on any given market.
Our award winning rates can be accessed very easily over the phone and I can keep you posted with key market developments ahead of any prospective exchange you need to make.
Feel free to email me directly on email@example.com to find out all the options available to you ahead of your currency transfer.