Pound to Euro exchange rates, whilst ‘choppy’ yesterday, managed to maintain their air of stability cultivated in the last two months where the difference between the high and the low between the pair is only 4-5 cents.
Article 50 was an event markets had been looking to with tunnel vision for over half a year. It seems it was almost built up in the head of many market commentators that the day itself should bring heavy movement.
But like the Dutch elections earlier this month, whilst a flurry of trading in the run up to the event was causing a stir, the event itself almost fell on deaf ears in the market place, with rates remaining within the 1.15 trading bracket.
This is symptomatic of an uncertain market where investors are unwilling to make long term bets on a particular currency. I read a newspaper article on my way home from work which commented on the ‘sharp decline’ in Sterling against the Euro the day before – but the 0.7 cent movement wouldn’t have batted an eyelid in this market last year.
So what does this mean moving forward? Now, all eyes are on the European Council’s ‘white paper’ to be published tomorrow, which details their own negotiation positions and goals for the next two years.
Will this be as favourable as Theresa May’s outlook detailed in her letter to Donald Tusk? We wait for tomorrow.
Following this, Brexit will cease to be a daily feature in the market but will crop up here and there when elements of the negotiation’s progress reach the news stands. The French election will be the next key obstacle for Euro buyers and sellers alike to overcome.
As such, opportunities can present themselves. There are tools available for anyone wishing to capitalise on any spikes in the exchange rates to buy or sell Australian Dollars, even if these are only available for a few seconds – ensuring any opportunities are not missed. One example is setting an automatic buy order at a target rates, so that rates are seized immediately should they become available, to avoid being ‘last to the party’ before markets correct themselves.
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