The impact of the Supreme Court on Sterling Euro exchange rates (Tom Holian)

The Supreme Court finally gave their verdict after a long delay which caused a very short period of panic for GBPEUR exchange rates as the financial markets didn’t know how to react immediately after the announcement.

Sterling immediately fell vs the Euro but during the afternoon clawed back its gains and ended up the day higher than the previous day’s close showing that arguably the verdict wasn’t as important as some may have expected.

With Prime Minister Theresa May already having spoken out about the subject last Tuesday the effect was not as noticeable as it could have been.

There is little economic data either in the UK or on the continent to concern GBPEUR exchange rates today but tomorrow we see the release of the first estimate of UK GDP for the final quarter of 2016.

As it is the first estimate it can create volatility for the currency markets as it is rather tricky to predict. However, if the data comes out strong then it suggests that the Brexit uncertainty may not have had the negative effect that some may have thought and if that is the case I think we’ll see Sterling continue its recent trend of going up against the Euro. Good news for anyone looking to buy Euros to send to the continent.

Theresa May is meeting Donald Trump at the White House on Friday and if the talks go well I think Sterling could end the week on a high.

Having worked in the foreign exchange markets since 2003 I am confident of being able to offer you better exchange rates than by using your own bank and also with my experience try and save you money by helping you with the timing of your transfer.

If you are looking to buy or sell Euros and would like to save money on exchange rates compared to using your own bank then contact me directly for a free quote and I look forward to hearing from you.

Tom Holian