Buying Euro rates soften as markets digest news of Manchester attack (Joshua Privett)

Pound to Euro exchange rates had undergone a further softening into the lower 1.15’s amid an anxious climate in the UK following the Manchester Arena bombing last night.

Rates had previously been falling in response to underwhelming data emerging from the UK economy concerning the diminishing potential for a UK interest rate rise.

This was further compounded by comments made by Angela Merkel, the German Chancellor, yesterday who stated that the Euro was ‘too weak’ and she would like to see it gain value. These are the kind of comments which cause the short-term rally for the Euro.

However, since then, likely due to the likelihood that the situation in Manchester is contained for now, the pressure on the Pound brought out by apprehension forced by the attack abated, and, as such, GBP/EUR exchange rates were getting very close to 1.1 at the time of writing this article.

However, I would not expect this to continue. As the above suggests the underlying trend before the completely horrific attack yesterday was GBP/EUR negative. Without these being addressed it is likely the Pound will continue to remain pressured in the short-term, so Euro buyers should seriously consider their situation and the sensibility in securing an exchange rate sooner rather than later.

As such anyone with a very short-term requirement to buy Euros may be wise to contact me on 01494 787 478 and ask to be put through to Joshua to discuss a live price for your transfer and avoid being ‘last to the party’.

I have never had an issue beating the rates of exchange on offer elsewhere, so a short conversation could save you a healthy sum on your next transfer.

Anyone with a slightly longer term transfer can also contact me on jjp@currencies.co.uk to discuss a strategy for your transfer in the run up to the election aimed at maximising your currency return.

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