Sterling vs the Euro hit its best rate to buy Euros in seven months after the UK managed to agree citizens rights for those both in the UK and the European Union.
The UK has also agreed that there will be no hard border between the North and South of Ireland and the divorce bill has been agreed in principle.
This was taken extremely well by the currency markets with rates hitting 1.15 before tailing back. It appears as though a lot of profit taking occurred during Friday’s trading session as GBPEUR exchange rates fell by over 1% towards the end of the day.
It could be argued that this was a bit of a false dawn for Sterling and that there was an over reaction by investors.
Indeed, the real problem is that although this is great news as it allows phase two to begin next Thursday at the next EU summit, it still means we are a very long way off being able to sort out the ongoing issue.
This is why I think the Pound fell towards the end of Friday afternoon as global investors quickly realised that it will be a long time before the negotiations finish and as yet we do not know if they will go well or not.
If you’re in the process of either buying or selling Euros and would like to be kept updated with what is happening over the next few days then contact me directly for a free quote.
Having worked for one of the UK’s leading currency brokers since 2003 I am confident not only of being able to offer you better exchange rates than using your own bank but also help you with the timing of your trade.
Contact me directly Tom Holian email@example.com and I look forward to hearing from you.