Brexit Speech, Italian Election and impact on Pound vs the Euro (Tom Holian)

Sterling exchange rates have once again come under pressure against the Euro after a Brexit statement was not taken well.

The uncertainty surrounding what is happening with the Brexit issue has caused problems for both consumers and businesses and this has caused the Pound to remain under a lot of pressure for a very long time.

With Prime Minister Theresa May due to be speaking tomorrow we could see a lot of volatility for GBPEUR exchange rates tomorrow as we also have a speech due by Bank of England Governor Mark Carney.

However, one key event coming out over the next few days will be the Italian election due to be taking place over the next few days.

At the moment the likely winners are due to be the Northern League and Forza Italia who will need to for a coalition and both have demonstrated that they are pro-European so if they end up winning this could cause further Euro strength over the next few days against the Pound.

However, if the results do not pan out as expected we could see the Euro encounter some problems as if the Five Star Movement gain more than expected this could cause the single currency to fall under pressure against the Pound.

Whatever happens with the vote expect GBPEUR exchange rates to swing a lot early next week.

If you would like to free quote when buying or selling Euros and would like to save money on exchange rates compared to using your own bank then contact me directly. Having worked in the foreign exchange industry for one of the UK’s leading currency brokers since 2003 I am confident of being able to save you money and help you with the timing of your transfer.

Feel free to email me directly with a brief description of your requirement and I look forward to hearing from you.

Tom Holian teh@currencies.co.uk

 

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