Spring Statement and the impact on Pound Euro rates (Tom Holian)

Sterling Euro exchange rates have made a positive move during today after a difficult few days last week when GBPEUR exchange rates hit their lowest point to buy Euros in 3 months.

Chancellor Philip Hammond is due to hold the Spring Statement tomorrow and although the main topics will be covered in autumn this could cause some volatility for the Pound vs the Euro during tomorrow’s trading session.

According to some sources the budget deficit for the UK is the smallest in over 15 years with Hammond commenting that ‘there is light at the end of the tunnel.’

The debt is currently 86.5% of GDP and this is clearly higher than the UK government would like so things will need to be done in order to reduce the amount.

There is however a clear risk to what is happening with the latest Brexit talks and with the EU summit due to take place on 22-23 March I think this is really what the currency markets are waiting for.

As yet the transitional period which takes places between March 2019-December 2020 has not yet been formally agreed so things are still very uncertain for what will happen next between the UK and the European Union.

Make sure that if you’ve got a currency transfer looming that you’re prepared for how the market may move during the Spring Statement due at 1130.

For further information about what is happening with Pound Euro exchange rates at the moment and if you need to make currency transfer then contact me directly for a free quote and I look forward to hearing form you.

Having worked for one of the UK’s leading currency brokers since 2003 I am confident of being able to offer you bank beating exchange rates as well as helping you with the timing of your transfer.

Email me directly Tom Holian teh@currencies.co.uk

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