Will the pound continue to the rise against the Euro?

The pound had been struggling against the Euro for the last few months but finally, we have some reasons to be cheerful. The GBPEUR rate has hit a December high which was only previously reached back in May 2017. With the European Central Bank (ECB) meeting today to discuss their latest policy decision, further volatility could be ahead!

The general impression for sterling is that this run of form should continue as the outlook on Brexit improves. Some positive economic data for the Unemployment figures gave rise to more confidence in the UK economy, Angela Merkel was also reported saying she wished for close ties with the UK which was further evidence of the kind of support sterling is receiving.

Of course, the Brexit talks will begin soon enough and this will make it much more difficult for the positivity to continue indefinitely. Expectations for the pound remain for it to still struggle in the months and weeks ahead as new information on the Brexit is released.

If you have a transfer buying or selling the Euro against the pound then today’s news will be critical to the next direction the rates will take. Personally, I think the ECB will be positive about the future path on reducing their QE (Quantitative Easing) program which will give rise to Euro strength.

The market could, however, be guilty of pricing in the prospect of Euro strength so any deviation from this might actually see the Euro weaken. GBPEUR could easily be over 1.15 or up to 1.16. Equally, it could be back down to 1.12 or 1.13 by the end of the day.

If you have a transfer buying or selling the pound against the Euro we are here to help with the best rates of exchange and provide guided insight and information on the market for you, to help you make an informed decision about what might be the best way forward.

Please contact me Jonathan on jmw@currencies.co.uk to learn more.

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