For our latest Euro predictions, we’ll see how there’s little economic data due out today and for the remainder of the week. So the most likely market-mover will be today’s first round of voting on the Conservative Party’s leadership contest. The eventual winner will become Prime Minister.
There remain 10 candidates for the position. At the time of writing, ex-Mayor of London Boris Johnson is the bookies’ favourite. However, the bookies have got a number of political outcomes incorrect in recent years. So until there is an official winner, I think that we could see the Pound influenced by the voting outcomes.
The initial 13 candidates has already been whittled down to the remaining 10. The remaining candidates need a total of 17 votes to progress to the next round of voting. This will take place next week.
Of the candidates that remain, there are none that wish to push forward with another referendum regarding the UK’s membership of the EU. However, the opinions on the best way forward do vary. This is why we could see a volatile time of trading for GBP exchange rates.
Is the Euro going up or down against the Pound?
Those of our readers and clients that plan on converting Euros into Pounds should be aware that current levels are around 4% better than at the beginning of May. Also, the current levels are around the best in five months. So do feel free to get in touch if you wish to discuss this further.
If you have a large currency exchange to carry out in the coming days, weeks or months, then you are more than welcome to speak with me directly. I will be more than happy to help you both with trying to time a transaction and getting you the top market rate when you buy your currency.
A small improvement in a rate of exchange can make a huge difference. So for the sake of taking two minutes to email me, you may find you save yourself hundreds if not thousands of Pounds. You can email me, Joseph Wright, on firstname.lastname@example.org. I will endeavour to get back to you as soon as I can.