A volatile start to the week for GBPEUR exchange rates and what to expect next?

This week we have seen major fluctuation for GBPEUR exchange rates off the back of the Brexit negotiations. To start the week rumors emerged that the UK had secured the three key aspects to start Brexit negotiations and the pound made substantial gains against the euro.

However throughout Monday afternoon Theresa May confirmed no deal has been secured and the DUP added to Theresa May’s problems by stating they are not happy with a different border control to the rest of the UK, in other words having a soft border with the Republic of Ireland.

I’m still of the opinion that in the upcoming weeks the UK and EU will agree to start trade negotiations at some point early next year, which will provide a period of sterling strength for clients buying euros. Therefore if I had time I would hold off for the time being.

For euro sellers at present you are still receiving what I like to call the ‘Brexit discount’. What I mean by this is compared to Pre Brexit levels you are receiving an additional 15%. To put this into monetary value on a €200,000 transfer you are receiving an additional £25,000.

I would recommend emailing me with a brief description of your requirements and your timescales (this is very important, the length of time you have will change your options) and I will email you with my strategy and the process of using our company 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! **

For more news on foreign exchange rates and to request a free no-obligation quote visit www.currencies.co.uk