Euro hits best rate to buy Pounds in 5 months
In this examination of “Will the Euro rise?” we’ll see how the Pound made some small gains against the Euro during yesterday’s trading session, after hitting close to its lowest levels during 2019 on Monday. Early this week, we saw the Pound fall against the Euro after the release of lower than expected GDP data, which showed a fall.
This was exacerbated by the news from the car industry, which was at its lowest production levels since records began. This happened as many car producers reduced their production levels, in anticipation of Brexit taking place at the end of March. Owing to the uncertainty, car manufacturers had little choice but to close. This has had a knock-on effect on UK GDP data.
There is little economic data due out during the course of this week, so all eyes will remain focused on what is happening politically in the UK. At the moment, it appears as though ex-Mayor of London Boris Johnson is leading the polls, with Environment Secretary Michael Gove and Foreign Secretary Jeremy Hunt closely behind.
Pound Euro exchange rate forecast
The real issue for the Pound is what impact any of the new leaders may have on Brexit, going forward. Therefore, during the next few weeks it should become clear which way the Pound vs the Euro might move, as their agendas are released.
In the meantime, Labour is planning moves in order to block a no-deal Brexit. This could be discussed in Parliament today. This is causing some concern for the Pound vs the Euro at the moment.
However, the President of the European Commission, Jean-Claude Juncker, has recently claimed that “there will be no re-negotiations as far as the content of the withdrawal agreement is concerned.” Therefore, even when the new Prime Minister does come in, we may not see much further progress on Brexit.
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