Will Sterling continue to fall against the Euro? (Tom Holian)
Sterling vs the Euro exchange rates have had to endure a difficult beginning to 2017 as the Pound has witnessed falls against all the other major currencies since the festive break.
Uncertainty surrounding Brexit have caused the Pound to experience losses against the single currency even though the economic data published recently has come out better than expected.
Both services and construction data for the UK were both strong but this did little to lift Sterling which highlights the problems that the Pound is facing caused by the ongoing Brexit issue.
Recently Prime Minister Theresa May has stated that if we are not able to have full control of our borders then we will look to leave the single market and this has not boded well for Sterling exchange rates.
The single market is what is driving the GBPEUR rate at the moment and until; we have some clarity I expect the Pound to continue to struggle.
In the next week or two we should have the announcement of the recent Supreme Court judgement as to whether or not the Prime Minister can trigger Article 50 or whether is needs full parliamentary approval.
Depending on the outcome this is likely to have a big effect on the foreign exchange market towards the latter part of the month.
Therefore, if you’re worried about the potential outcome and need to either buy or sell Euros then it may be worth looking at buying a forward contract which allows you to fix an exchange rate for a future date.
Having worked in the industry since 2003 I am confident that not only can I save you money on exchange rates when buying or selling currency but I can also help you with the timing of your transfer.
If you have a currency transfer to make and want to save money on exchange rates compared to using your own bank then contact me directly for a free quote and I look forward to hearing from you.
Tom Holian firstname.lastname@example.org