If you’re looking for the best time to buy Euros, you may like to know that, during today’s trading session, the Pound to Euro exchange rate has managed to remain north of the 1.12 level that it’s breached over the past 2 trading days. Sterling exchange rates are opening up relatively flat, owing to a lack of economic updates this week out of the UK.
Politically updates remain the key driver for GBP exchange rates at the moment. This week Boris Johnson has been appointed the new Prime Minister for the UK. Boris will now get to work regarding his next steps for Brexit, which he believes will take place within the next 98 days as scheduled.
Since the first week of May, when GBP/EUR was trading around its highest levels of the year, the Pound has gradually lost value. This is because the likelihood of a no-deal Brexit has increased, due to the change in Prime Minister.
The positive movement for the Pound against the Euro this week isn’t just because of the drop in uncertainty, now we know that Boris Johnson has officially been made Prime Minister. Boris was the favourite, so markets expected this. There’s also Euro weakness, as the markets have been gearing up for today’s European Central Bank meeting.
Is the Euro going up or down against the Pound?
The Eurozone has been showing signs of a slowdown, with inflation levels stubbornly low and a drop in German manufacturing output. This has left some commentators suggesting that there could be further economic stimulus measures on the horizon. Such a move could weaken the Euro, and we could see GBP/EUR gain further as a result.
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 email@example.com and I will endeavour to get back to you as soon as I can.