Date of meaningful vote changes, will this help boost GBP/EUR rates?

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If you are looking to buy euros be sure to keep an eye on the latest Brexit news. The market has been preparing for the next, and final, meaningful vote on UK Prime Minister Theresa May’s Brexit deal this week.

Expectations had been for a vote on Wednesday, after the 27th of February was originally planned. However, late yesterday May informed journalists that she intends to hold the meaningful vote on her deal by March the 12th. This date would be just 17 days before Brexit, so we could be in for a busy March when it comes to GBP exchange rates.

It’s been an eventful year already when we consider that during January, the GBP/EUR pair fell as low as the 1.09s. Then, it spiked up and hit the highest level in over 18 months, when 1.16 was hit. This range is also the annual range, so we saw the full range of recent trading levels for the whole year during January. This makes the timing of Sterling transfer key.

Pound to Euro forecast this week

This week could now be quieter than originally expected. That said, it’s worth keeping an eye on the markets, or asking us to do this on your behalf. This is because any major announcements from the EU-Arab League summit in Egypt could result in movement for the Pound. However, I don’t expect Brexit to be a major topic.

GBP/EUR rates remain north of 1.15 and, if it looks like May could be successful in her vote, there’s a chance we could see GBP climb between now and the date of the vote. The vote will likely be on the 12th of March now.

Economic data due out of the UK this week is thin, so I expect the Brexit-related updates to remain the main driver of Sterling value. 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 do come to 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 jxw@currencies.co.uk and I will endeavour to get back to you as soon as I can.