In this report about when to buy Euros, we’ll see how the Pound has strengthened against the Euro today. This is due to fresh reports that the government has been shifting position to form a Brexit deal with Labour.
Today, we have seen lows of 1.1618 and highs of 1.1645, which is the highest we have seen the Pound against the Euro in almost a month. The Pound has also gained against the USD by 0.8%, now above the 1.30 mark.
Reports have been made in The Times, detailing that the government has shifted its position on a closer Customs Union with the EU. Both Labour and the government seem to be making positive noises surrounding their progress. Could this be the compromise the Pound needs to strengthen further?
Although the tone is changing, we are still waiting for a deal to be put on the table. Labour leader Jeremy Corbyn has stated they will support a second referendum, only if cross-party talks to forge a Brexit consensus with Prime Minister Theresa May fail. Updates on this issue will likely move the currency markets.
Pound to Euro forecast this week
In other news, we have the local elections this Thursday, with 8,400 seats up for grabs. With the Brexit Party absent from these elections, we could see a rise in Labour votes. This is because public opinion is generally negative with how the Tories have handled Brexit.
Also, Mark Carney of the Bank of England will release the latest interest rate decision and commentary on Thursday. We are not expecting any changes, but the commentary can often move the markets and provide insight into the economic outlook for the UK.
So, Thursday will be a busy day for the Pound against all currencies. If you have the need to transfer money overseas, get in contact to find out how the currency markets can affect your transfer.