GBPEUR has been very volatile as we see some shifts in the expectations from the Bank of England which has manifested as a result of the UK’s Bank of England decision which was released at 12 noon. The pound had already lost value and ended up some 3 cents lower following the changes in the outlook for UK interest rate hikes. This has resulted in some big changes on GBPEUR, if you need to make a transfer buying or selling Euros then make sure you are up to speed with the outcome from this important development on the rates.
The pound has been moving higher against the Euro on the expectation of these improvements in the UK interest rate hike, the pound has now slipped on the back of this news as the Bank of England were not as positive in their commentary as hoped. The expectation is now that the pound will revert to its previous behaviour of disappointing the markets.
The overall impression we are getting is now that the Euro will remain strong against a weaker pound, if you have a transfer to consider in the future then making some plans around this event is a wise move. If you need to buy or sell the pound against the Euro, the coming weeks will be key to indicating how it will perform. The next big news is the UK budget which is due on the 22nd November.
With Brexit likely to sap up more attention again soon and investors wary following the ‘dovish hike’ from the Bank of England, I would expect the pound to lose further ground against the Euro in the coming weeks. If you have a transfer to make then it is very important to highlight your intentions in order that we can best look after you and help you to maximise the situation.
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