In today’s look at “will the Euro rise?”, we’ll examine how the Pound is still struggling to make any gains versus the Euro, and it looks as though this trend may continue.
The issue of Brexit continues to dominate investors’ appetite for Sterling, which is clearly under a huge amount of pressure.
The Pound has failed to make any inroads against the Euro and, whilst the Tory leadership election rumbles on and the uncertainty of Brexit continues, I cannot see the Pound making any real recovery.
The Euro managed to improve further during yesterday’s trading session after the latest Eurozone Services PMI data.
The figures came out better than expected at 53.6, and anything above 50.0 represents growth. This has given the single currency an additional boost as, although the Euro has been strong against the Pound, it has come under pressure versus the US Dollar.
This news is likely to mean that the European Central Bank will continue to keep interest rates on hold and monetary policy the same. Therefore, any signs of weakness for the Euro may not be coming. So if you’re considering buying Euros, it may be worth getting this organised in the near future.
Pound to Euro forecast
We begin next week with the latest industrial production data from Germany as well as import and export data. Another strong reading could see GBP/EUR exchange rates drop even further.
If you’re in the process of buying a property in Europe in the near future, and would like to guarantee your rate for the balance of the property, then it may be worth considering buying a forward contract.
I have personally worked in the foreign exchange industry for one of the UK’s leading currency brokers since 2003. I’m confident of being able to offer you bank-beating exchange rates when buying or selling Euros.
If you would like further information or a free quote, then contact me directly and I look forward to hearing from you.
Tom Holian firstname.lastname@example.org