Over the past two-months the Pound has fallen by almost 6% from it’s high, with the rate dropping into the 1.11’s at its lowest stage even if only for a short while.
There appears to be a great deal of uncertainty surrounding the future of the UK since the Conservative Party lost the snap election earlier this year. With Brexit talks ongoing there is also the chance of an unexpected update which could put further strain on the Pounds value which is why we’re seeing the Pound to Euro pair trading around its lowest levels in 8-months.
It’s not just Sterling weakness that has caused this steep fall, but also Euro strength.
Fears surrounding the Eurozone moving forward appear to have waned, after a number of right-leaning populist parties have failed to win any key elections within the key members of the Eurozone.
At the same time there has been talk from the European Central Bank of reducing the amount of Quantitative Easing currently being put into the Eurozone economies.
The issues surrounding Greece are also looking more positive which is another bonus for Euro sellers or those hoping for a strong Euro.
Moving forward I think whether or not the GBP/EUR rate consolidates below 1.12 will be of utmost importance, as I think that if the rate drops below 1.10 there is a chance that parity could be on the horizon longer term.
If you have a 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.