Sterling has hit its lowest level to buy Euros in over 2 months as the Pound continues to feel the effect of the fallout caused by the Brexit vote.
We are now over 6 months since the vote to leave the European Union and the Pound has shown little signs of improvement against the single currency during this period.
The latest problem facing the Pound is the uncertainty caused by whether the UK will opt for a soft or a hard Brexit.
In a recent interview Prime Minister Theresa May has suggested that the UK may look at opting for a hard Brexit which effectively means leaving the single market. Something which has caused huge worry for anyone holding Sterling to buy Euros.
With the Pound falling against both the Euro and the US Dollar this has seen the FTSE 100 rise to record levels as it means global investment in the UK is currently extremely cheap.
However, although this is supporting the UK economy the Pound is likely to remain under pressure for quite some time.
With Theresa May due to address the markets on Tuesday we may see some further clarity as to which way the UK will choose to go forward in its discussion surrounding the talks to leave the European Union but until the Supreme Court judgement is announced then we could see further problems for Sterling against the Euro in the short to medium term.
Having worked in the currency markets since 2003 I am confident that not only can I offer you bank beating exchange rates but also able with my experience to help you with the timing of your transfer.
To find out more or if you’d like a free quote when buying or selling Euros then feel free to contact me directly and I look forward to hearing from you.
Tom Holian email@example.com
Sterling exchange rates continue to fall lower as those Brexit concerns persist as the deadline for the end of March now fast approaches which will take us then to 9 months past the vote to leave the EU on 23rd June 2016.
The latest development is that UK Prime Minster Theresa May will be making a statement on Brexit next Tuesday and high volatility should be expected immediately after. Theresa May is widely expected to give some outline as to what Brexit will entail and should be the first real offering as to what is going to happen.
The other political factor which must be contended with is the Supreme Court ruling on whether the government must consult Parliament or not, before invoking Article 50. It is my understanding the government has requested early sigh of the verdict so it may even be possible the government already holds this information now. Considering that Supreme Court rulings are normally offered on Wednesday’s then it would be quite fitting if the ruling was made public the day after Theresa May’s speech on Tuesday. As such I am expecting a hugely volatile week with two major political statements to be made which will carry immense implications for the UK and the price of sterling.
GBP EUR ends the week in the 1.14’s whilst GBP USD remains week sitting just below 1.22. The exchange rates for these pair are likely to see considerable movement next week.
As far as GBP USD is concerned the secret dossier surround President-elect Donald Trump is still making the headlines and may create some headaches for the US dollar but potentially the pound. Considering the British government have been mentioned in some of these alleged reports then it is possible the British American relations may not get off to quite as good a start after all.
If you would like further information on sterling exchange rates and to discuss how we can assist then please feel free to contact me on 0044 1494 787 478 and ask one of the team for James. Alternatively, I can be emailed directly on firstname.lastname@example.org
GBP/EUR rates have fallen again during Thursday afternoon’s trading, following a mini recovery yesterday.
Sterling is once again under pressure following the announcement that Theresa May will discuss the UK’s Brexit plans in more depth, in an interview next Tuesday.
Based on her comments over the weekend, where she stated the UK would look towards a “hard Brexit”, the markets have assumed she will continue with her hard-line stance, which ultimately means that we will be cutting nearly all ties with the EU.
This is likely to put further pressure on the Pound, which is struggling to gain any sustainable foothold against the EUR, despite the on-going economic and political problems facing the Eurozone.
Market uncertainty is a currencies killer and this is why the Pound is fighting an uphill battle. Talk of Brexit and how we will facilitate this is likely to drive investor confidence and in turn the Pound’s value for months if not years to come.
The Pound did recover slightly yesterday following comments by UK Chancellor Philip Hammond who admitted no decision had yet been made as to whether the UK would stay in the single market post Brexit. It may be that the Prime Minister is trying to give herself a strong bargaining positron ahead of negotiations with the EU but wither way we just don’t have enough information to hand to make a firm decision either way.
The on-going uncertainty surrounding the entire situation is extremely unsettling and as such I would be looking to protect any short to medium-term Sterling positions and not gamble on this extremely unstable and fragile market.
If you have an upcoming currency exchange and would like to be kept up to date with all the latest market movements, or simply wish to compare our award winning exchange rates with your current provider, then please feel free to contact us on 0044 1494 787 478 and ask one of the team for Matt.
Alternatively, I can be emailed directly on email@example.com
When UK economic data impressed last week and the pound did not make gains against the euro, I was under the impression s slide in the pounds value was on the horizon.
UK Prime Minister Theresa May, addressed the British public on Sunday and insinuated that a ‘Hard Brexit’ is the only option, which means the UK will leave the single market which in turn has devalued the pound.
Mrs May, has commented on the drop in sterling value and is blaming the media she stated “I’m tempted to say that the people who are getting it wrong are those who print things saying I’m talking about a hard Brexit” she then went on to say “it is absolutely inevitable there’s a hard Brexit. I don’t accept the terms hard and soft Brexit,”
Regardless of who you blame the pound is falling against the euro and it’s no surprise. Whether you believe the UK should or should not stay part of the single market the fact is the pound is falling and looks like it will continue to fall for a period due to the PMs stance.
For euro buyers within the next 1-3 months purchasing your currency up front is the safe option. If not all of your sterling is available an option you can take advantage of is a forward contract. This allows you to secure exchange rates and you pay later for it.
For short term euro sellers, I would recommend getting in touch to outline your requirements and then let me do the hard work for. With regular updates this will keep you well informed and you will be in the best position to make an informed decision when to make the conversion.
For further information in regards to converting GBPEUR 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 my forecast and the options available to you firstname.lastname@example.org. Alternatively if you would like to discuss your requirements over the phone call 01494-787478 and ask to be put through to Dayle Littlejohn.
Common clients I help on a daily basis are Sole traders, MD or FD of a company, property buyers and sellers. If you are one of the three and are currently using the bank to transfer your currency you need to be made aware that you could be saving money!
** If you are already using a brokerage and would like to a free quote 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! **