The Pound hit a three-week low during yesterday’s trading session as Brexit uncertainties still appear to be weighing on the Pound, despite last week being positive regarding this topic.
The first round of Brexit negotiations were passed last week which boosted sentiment towards both the UK economy as well as the Pound, but since then the reality of the 2nd stage of negotiations and the difficulty involved has softened the Pounds value. The GBP to EUR rate has since dropped down to a 3-week low as uncertainties mount.
Theresa May has not been helped recently after a number of MP’s opted to vote against her Brexit legislation changes just last week, and I think that now the high inflation levels have already prompted the Bank of England to hike interest rates in the UK, we will see a return to sentiment being the main driver of currency fluctuations involving the Pound.
If you’re planning on making a currency exchange involving the Pound and the Euro, and would like to be kept updated should there be a major move between the pair.
Tomorrow morning at 9.30am there will be GDP data out which could move the markets should the figure released differ substantially from the expectation of 0.4% quarterly and 1.5% annually.
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 email@example.com and I will endeavour to get back to you as soon as I can.