Today is extremely important for both sterling exchange rates and Euro exchange rates as we go return to the political arena with a meeting in Berlin with British Prime Minister Theresa May and German Chancellor Angel Merkel followed by another meeting tomorrow in France with French President Francois Hollande.
These meetings are of paramount importance as they will effectively open the dialogue at a very early stage as to how Britain will withdraw from the EU. A positive and upbeat tone from Europe should be seen as good for the pound which in my view is where this should be heading now that the shock of Brexit has passed.
The issues for the pound at present surround Brexit and also the action that will be taken from the Bank of England to restore confidence to the markets. Last week the pound saw an excellent rally after the appointment of Theresa May as Prime Minister but also due to the lack of action from the Bank of England – The markets had been expecting an interest rate cut which did not materialise.
Now the focus looks to the next meeting 4th August which is fast approaching. Considering the comment from Chancellor of The Exchequer Philip Hammond yesterday that he acknowledged a monetary policy “package” would be forthcoming from the Bank of England, it would suggest August looks like the time for action.
This is likely to be sterling negative and already the markets are drifting lower in anticipation. This date in particular carries the opportunity to see some very sizeable market movement like we have seen in recent week so anyone with a currency requirement either buying Euros or selling Euros would be wise to get in touch to discuss how it will impact on your requirement.
If you find this post useful and you have a currency requirement either now or in the future then it is well worth you getting in contact with me (James Lovick) personally. I work for a brokerage that has won numerous awards both for our rates and customer service and I would be quite surprised if I could not better the rates you can achieve with your current choice of provider.
It only takes a moment to get in touch and you may save thousands of Pounds so feel free to email me (James Lovick) on [email protected] with a description of your requirement and a contact number and I will contact you as soon as I can.