Despite the UK Government winning a key vote on the Brexit bill yesterday in the House of Commons, the GBP/EUR rate has remained relatively flat with the pair currently trading in the 1.13’s.
Theresa May has avoided a Tory rebellion that threatened to cause further stalls to the Brexit, and now that this hurdle has been passed I think May will be in a better position moving forward.
Today at lunchtime there will be a Bank of England meeting and although no interest rate hike is expected, I think there’s scope for forward guidance and this could result in movement for GBP exchange rates.
So far two members of the BoE, Ian McCafferty and Michael Saunders have both voted in favour of hiking rates and many had expected to see it happen in May. Weak economic data put those plans on hold for now but I expect to see the Pound to Euro rate climb back into the 1.15’s once expectations of another rate hike materialise.
Outside of hours today, BoE governor Mark Carney will be speaking again at the annual Mansion House dinner and so will Philip Hammond, the chancellor of the exchequer. If you wish to be updated in the event of a major move for the pair, do feel free to register your interest with me.
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 as 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 do come to 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 and I will endeavour to get back to you as soon as I can.