Having been moving money overseas for clients since 2003 I have seen many periods of uncertainty during this time but none more so than the current period we’re experiencing.
The Brexit issue continues to dominate what is happening with the UK economy and therefore Sterling and until we get further clarification on what will happen next I cannot see the Pound making too much of an improvement.
Indeed, with the next phase of Brexit negotiations due to begin again next month I think if we get some positive news this could be the catalyst to give the Pound a much needed boost vs the Euro.
However, Michel Barnier in recent comments has suggested that the transitional period which takes place between March 2019 and December 2020 is far from settled which has unsettled Sterling exchange rates recently.
As we enter next week there are a number of key data releases likely to affect the value of the Pound vs the Euro.
On Tuesday the latest UK Quarterly Inflation Report Hearings are due to be released and with inflation still higher than the target levels then Tuesday’s report could provide the Bank of England with further support to think about raising interest rates in the next few months.
Indeed, the current expectation is for an interest rate hike in May which could give the Pound a much needed lift against the Euro.
However, on Wednesday although unemployment data is due to show a record low the real issue is that of average earnings which have been lagging behind inflation so if you’re considering making a currency transfer involving GBPEUR then keep a close eye out on rates.
If you have a need to make a currency transfer in the near future then feel free 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 compared to your bank or another currency broker.
Even a small improvement in the exchange rates can make a big difference so feel free to to email me and you may find you could save yourself hundreds if not thousands of Pounds. You can email me (Tom Holian) on email@example.com and I will respond to you as soon as I can.