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Article 50 announcement causes Sterling to fall against all major currencies including Euro and the US Dollar (Tom Holian)

Monday, October 3, 2016 1:41
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Over the weekend it has been announced by Prime Minster Theresa May that the UK will invoking Article 50 by the end of March.

Rumours have been circling for a while with Foreign Minister Boris Johnson speaking out a fortnight ago and now that we have seen a more official announcement this has caused the Pound to fall against the Euro to its lowest level to buy Euros in 3 years.

As previously predicted in some of my previous articles we could see further pressure on GBPEUR exchange rates as there is still no certainty as to what will happen next in terms of the deal itself.

Theresa May now faces a very difficult task ahead steering through the UK’s economy through an uncertain time whilst trying to maintain positive relations with our European neighbours.

As yet no deal has been done concerning immigration and access to the free market and this won’t happen for a long time to come which is why we have seen confidence in the Pound fall again vs the Euro and the US Dollar.

If you’re in the process of buying a house in Europe and are concerned about what may happen to exchange rates over the next few weeks then it may be worth considering buying a forward contract which allows you to fix an exchange rate with a small deposit for a future date.

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. Having worked in the industry for over 13 years now I am confident not only of being able to offer you competitive exchange rates but to also help with the timings of your transfer.

Feel free to email me directly or fill in the form below and I look forward to hearing from you. Tom Holian



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