Euro Rate Forecast

Currency experts forecast on the Euro

A uncertain end to the month for the Pound vs the Euro with Brexit, Budget & Eurozone GDP data ahead

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The Pound has once again come under pressure vs the Euro after Prime Minister Theresa May suggested that the Brexit talks are 95% complete.

However, at the moment the real sticking point is the Irish border and until that is resolved I cannot see the Pound making any substantial gains. The European Union has not yet offered any alternatives and this is one of the major reasons for Sterling’s lack of support causing GBPEUR exchange rates to struggle.

The current suggestion offered by Theresa May is that the UK will remain in a customs union with Northern Ireland included but the EU have said they will only allow this to happen during the transitional period. However, this plan does not offer a permanent solution.

If both parties cannot agree on the terms of the border issue this will continue to pile pressure on Sterling exchange rates so if you’re planning to send money to Europe it may be worth getting this done in the near future.

On Monday Chancellor Philip Hammond will announce the latest Budget which could be a tricky one to deliver. Hammond will need to keep Tory voters and MPs happy with his plans as the party does not have a majority in parliament so if we do see any surprises this could cause movement on GBPEUR exchange rates.

On Tuesday we could see even further movement with the latest Eurozone GDP data for the third quarter. This will be the first estimate of the previous quarter with expectation for growth of 2.1% so anything different could cause a lot of volatility especially if the continent shows signs of a slowdown caused by the uncertainty of Brexit.

If you would like further information as to what is happening to GBPEUR exchange rates and would like a free quote then send me an email with a description of your requirement and I look forward to hearing from you.

Tom Holian teh@currencies.co.uk

Tom Holian
Having worked in the foreign exchange industry since 2003, longer than some of today’s currency brokerages have been in business, Tom draws on his considerable experience of the currency markets when writing his Euro exchange rate forecasts.

How could the Budget impact GBPEUR rates today? (Tom Holian)

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The rate to buy Euros with Sterling has fallen to its lowest level since January as the fallout from the obstacles to triggering Article 50 continues. The House of Lords wants to protect the rights of Europeans living in the UK and also wants to ensure reciprocal rights are agreed for Britons living on the continent.

Today all eyes will focus on the Budget released by Chancellor Philip Hammond. Suggestions are that the UK’s growth forecast may be increased from 1.4% to 1.6% which is good news.

However, at the same time the Budget is likely to not be too positive as Hammond is likely to limit available funds owing to him holding back for potential costs involved in the Brexit negotiations.

Hammond is expected to provide quite an ‘upbeat’ speech later today as he will talk about how resilient the UK has been since the Brexit vote last June.

Clearly there is a problem with inflation at the moment but generally speaking the economic data that has been coming out of late has been rather positive

However, it is clear that the Pound is still struggling owing to the issue of Article 50 and as yet no formal date has been agreed as to when it is due to be triggered.

GBPEUR exchange rates are unlikely to see much of an improvement even if the Budget is positive so don’t expect to see much gains during today’s trading session.

I have worked in the foreign exchange industry for almost 15 years for one of the UK’s leading independent currency brokers and I’m confident not only of being able to offer you bank beating exchange rates but with my experience also help you with the timing of your transfer.

If you would like further information or would like a free quote when buying or selling Euros then contact me directly and I look forward to hearing from you.

Tom Holian teh@currencies.co.uk

 

 

Tom Holian
Having worked in the foreign exchange industry since 2003, longer than some of today’s currency brokerages have been in business, Tom draws on his considerable experience of the currency markets when writing his Euro exchange rate forecasts.