We have seen Pound vs the Euro fall during the course of yesterday but the negative movement appears to have been short lived.
The Pound fell briefly after lower than expected UK Retail Sales for December showed a fall to 1.4% from the expected 3%. As retail forms a large part of the economy the news from December, which is a retailers biggest month of the year, is a concern.
However, the Pound has remained relatively strong since the turn of the year and with the Brexit talks due to resume in a few weeks I am a little more hopeful that things will start to progress positively.
Indeed, in early December a number of decisions were made which allowed the talks to progress.
With both the Spanish and Dutch finance ministers wanting to keep the UK as close as possible then there is clearly appetite for things to remain on good terms and I think this could help to strengthen the Pound in the future.
The Bank of England have also suggested that the central bank may be looking at raising interest rates in time to come rather than cutting rates.
The Deputy Governor of the BoE has come out earlier this week to say that if wage growth in the UK continues to be strong then this could be a justification for a rate hike in the future.
The single currency has started to retreat from its recent 3 year highs against the US Dollar and this movement of money by global investors has helped to keep the Pound strong against the Euro.
If you have a need to make a currency transfer in the coming days, weeks or months then feel free 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 compared to your bank or another currency broker.
Even a small improvement in the exchange rates can make a big difference so feel free to to email me and you may find you could save yourself hundreds if not thousands of Pounds. You can email me (Tom Holian) on email@example.com and I will respond to you as soon as I can.