The Pound vs the Euro has hit its lowest level in 8 months after ECB president Mario Draghi suggested that the central bank may be looking at tapering their current QE programme. This caused a huge fall for the Pound vs the single currency and the Euro vs the USD hit its best level in over a year.
This week we also saw UK inflation falling which means there is less of a chance that the Bank of England may look at raising interest rates and this led to a big sell off for Sterling exchange rates.
On Wednesday next week I think we could see further losses for the Pound vs the Euro when the first release of UK GDP is published.
The official figures for the second quarter in my opinion could highlight the problems that the British economy is facing and I think we’ll see the Pound fall further against the Euro when we hear the news.
The expectation is for growth of 1.7% so anything less could lead to the Pound losing against all major currencies including against the Euro.
The Brexit discussions are also not going that well and the uncertainty surrounding the economic future of the UK and its relationship with Europe is causing problems for Sterling.
Next week I think we’ll see further losses for Sterling so if you need to buy Euros it may be worth getting this organised early next week.
Having worked for one of the UK’s leading currency brokers since 2003 I am confident of being able to offer you bank beating exchange rates as well as being able to offer you different types of contracts which may be suitable for your particular needs.
If you would like further information or a free quote then contact me directly and I look forward to hearing from you.
Tom Holian email@example.com