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ECB Interest Rate Decision and the impact on GBPEUR Exchange Rates (Tom Holian)

Thursday, October 20, 2016 0:57
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Euro vs Sterling exchange rates are now at their best levels to sell Euros to buy Sterling since 2011 following the recent comments made by UK Prime Minister Theresa May that Article 50 will be triggered by March 2017. This has caused investor confidence to really drop for Sterling and we have seen the Pound hit multi-year lows against a whole host of major currencies including the Euro and the US Dollar.

I still think we have further problems lying ahead for the Pound as until we have some certainty as to what will happen with the UK’s negotiations to leave the European Union then this could cause further pressure. With the negotiations not able to begin until March next year then we will not see any further resolution for at least the next few months.

Since the Brexit vote the Pound has struggled owing to political influences and even with UK economic data coming out better than expected as shown with rising inflation on Tuesday the Pound is finding it extremely difficult to show any signs of improvement against the Euro.

The European Central Bank are due to meet this afternoon and I don’t think we’ll see any change to monetary policy at this month’s meeting but any signs of a change coming could cause some volatility for Sterling vs Euro exchange rates this afternoon.

If you’re in the process of buying a property in Europe before the end of the year and are concerned about what may happen to GBPEUR exchange rates then it may be worth considering buying a forward contract which allows you to fix an exchange rate for a future date.

Having worked in the foreign exchange markets since 2003 I am confident not only of being able to offer you better exchange rates than your bank but also helping you with the timing of your currency purchase.

For further information or for a free quote when buying or selling Euros then contact me directly for a free quote and I look forward to hearing from you.

Tom Holian 

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