In today’s Euro rate prediction, we’ll see how the Pound remains in trouble, despite reasons for concern surrounding the Euro.
Sterling has suffered due to the uncertainty over who’ll be the next Prime Minister (PM), and the lack of clarity surrounding Brexit. Boris Johnson is currently favourite to become PM, and he has indicated that he intends to bring a ‘no deal’ scenario back to the table, to negotiate a more favourable deal with Brussels.
It seems that the British government refuses to listen to Brussels, despite the EU stating on numerous occasions that they are not willing to make any concessions on the current deal. Simply put, it is not in the EU’s interest for the UK to leave with a favourable deal. If Britain were to leave with a satisfactory deal, other nations may follow suit.
Italy would be a prime candidate. Italian debt is now larger than its GDP, and Brussels have threatened a €3 billion fine, if Italy is not seen to be making realistic attempts to pay off the debt.
Brussels will no doubt make it as difficult as possible for the UK to leave the EU. With Boris bringing back the possibility of a ‘no deal’, you would expect Sterling to remain weak. Basically speaking, the higher the probability of a ‘no deal’, the weaker you would expect Sterling to become.
Pound to Euro exchange rate forecast
I feel that the problems surrounding the UK currently outweigh the problems facing the Eurozone. The Euro is suffering due to a host of poor economic data and threats on trade from US President Donald Trump’s administration. The Euro is close to a two-year low against the US Dollar. It just demonstrates how fragile the Pound is, considering how poorly the Euro is fairing against other major currencies.
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