If you’re looking for Euro predictions, you may like to know that Sterling exchange rates have been coming under pressure this week, after finishing last week in a very strong fashion.
The gains that we saw last Friday, following positive announcements regarding the cross-party talks between Conservative and Labour leaders, have now been wiped out. GBP/EUR has been testing the 1.16 level, although so far there appears to be support for the Pound at this level.
Conservative lawmakers have so far opted the leave the rules regarding leadership challenges as they are, and this has bought UK Prime Minister Theresa May some time. However, the talk of her position coming under pressure has softened the Pound’s value.
Will the Euro rise?
Mrs. May is expected to meet with leaders of the Conservatives’ 1922 Committee in the coming week, as the pressure mounts for her to announce her resignation date. So, this is a matter that could impact GBP exchange rates and should be monitored.
With regards to data releases, there will be none from the Eurozone before the end of the week. However, there will be the release of UK GDP data at 9.30am tomorrow. The expectation is for 0.5% growth for the first quarter of this year, and for 1.8% on an annualised basis.
There will also be Industrial and Manufacturing data releases out at the same time. So, it could be busy for GBP exchange rates tomorrow morning.
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. 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 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.