Euro strength due to Mario Draghi (Dayle Littlejohn)

This morning the euro has strengthened against the pound by 0.5% off the back of President Mario Draghi’s press conference. The President announced that the European Central Bank could taper the Banks aggressive Quantitative easing program as early as September this year. If the central bank cut the amount of money entering the Eurozone this would lead to euro strength as it shows the economy is recovering from its economic crisis.

In other news the Bank of England Governor is under severe pressure as it appears other members of the Bank of England are breaking ranks and disagreeing with his approach. It was only last week Andy Haldane completely contradicted the Governors stance on interest rates and announced he is close to voting for a hike and this could happen next month. The next meeting is on the 3rd August.

Looking further ahead for GBPEUR exchange rates, Theresa May’s position as Prime Minister is a worry for any client purchasing euros with pounds. Some members of Parliament are suggesting her position has become untenable and rumour has it that she could resign in the upcoming months, leading to further uncertainty and weakness for the pound.

Brexit negotiations will also have an impact however I am optimistic and believe in the upcoming years a deal will be struck. However short term I wouldn’t be surprised to see the pound remain under pressure.

For further information in regards to GBPEUR exchange rates feel free to email me with the reason for the transfer (company goods, property purchase) and timescales you are working to and I will respond with the options available to you and the process of using the company I work for drl@currencies.co.uk. Alternatively if you would like to discuss your requirements over the phone call 01494-787478 and ask to be put through to Dayle Littlejohn.

** If you are already using a brokerage and would like to know if you are receiving the best rates possible email me with the exact figures and I will reply with our live price. This will take you a few minutes and in the past I have saved clients thousands! **