Sterling Rallies Despite Poor Services PMI Figures (Matthew Vassallo)

The Pound has made gains during Tuesday’s trading, gaining over half a cent against the EUR.

GBP/EUR rates hit a high of 1.0939 at the high, with the positive move attributed to today’s poor Services PMI data.

Services data accounts for a large proportion of an economies output and as such, the negative reading sapped investor confidence in the EUR.

This helped drive Sterling value up, despite UK Services data slipping to an 11-year low.

Sterling has found life tough going over recent weeks, as the Brexit stranglehold tightens sapping investor confidence and with it the value of the Pound.

Sterling’s current standing remains fragile and I would be looking to take advantage of the small upturn if I had a short-term GBP/EUR transfer to make.

Any sustained rise in the Pound’s value, would most likely need to be facilitated by a complete shift in market sentiment and investor confidence. With media reports continuing to highlight a dis-jointed approach to Brexit negotiations and in-fighting amongst the government over how best to facilitate our Brexit, grave concerns remain.

Personally, I believe any spikes in the Sterling’s value should be considered as an opportunity. It is unlikely that a major increase will occur until we have some solid information, regarding which direction the UK economy is likely to take over the coming months.

If you have an upcoming GBP or EUR currency transfer to make you can contact me directly on 01494 787n 478. We can help guide you through this turbulent market and as a company we have over eighteen years’ experience, in helping our clients achieve the very best exchange rates on any given market.

Our award inning rates can be accessed very easily over the phone and I can keep you posted with key market developments ahead of any prospective exchange you need to make.

Feel free to email me directly on mtv@currencies.co.uk to find out all the options available to you ahead of your currency transfer.

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