The Pound to Euro rate is trading in a flat fashion at the moment, despite the Chancellor of the Exchequers Spring statement earlier this week being quite bullish regarding the UK economy.
The pair are struggling to break out of their current range which is between 1.1150 to 1.1350 or so, with the longer term trend being between 1.15 to 1.10. Last week was the flattest week for the pair since early 2016 which just goes to show the lack of movement at the moment despite there being quite a lot of issues that could potentially move the markets quite dramatically.
With the UK already having a lot to deal with in regards to the Brexit transitional agreement set to be arranged shortly, the UK now appears to be embroiled within a new Russian spy poisoning scandal after Sergei Skripal and his daughter were found poisoned after eating at a restaurant in Salisbury.
After failing to respond to the UK’s deadline regarding their stance on the matter, Russia has now been told by UK Prime Minister, Theresa May that 23 Russian diplomats will be expelled and that they have just 1-week to leave.
Should this issue to continue to materialise I think that there’s a chance we could see the Pound fluctuate, especially if a trade war begins.
There is a lack of economic data set for release this week so politics is likely to be the main driver of GBP/EUR this week.
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.