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Sterling Euro exchange rates nervous ahead of UK GDP Figures (Tom Holian)

Thursday, October 27, 2016 1:01
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Sterling Euro exchange rates have been trading in a tight range this week in anticipation of this morning’s UK GDP figures. This particular period is the first quarter to be measured since the vote to leave the European Union and this could cause huge volatility for GBPEUR exchange rates when the data is released. The expectation is for 0.3% quarter on quarter so anything different is likely to cause big movements either way.

If the economic data is lower than expected this could also provide support for the Bank of England to possibly look at cutting interest rates when they meet next Thursday.

In recent comments made by Bank of England governor Mark Carney as well as deputy governor Ben Broadbent they have shown little concern in the low value of Sterling so to me I think they could possibly cut interest rates next week which is likely to cause Sterling to fall if this happens.

The Pound vs the Euro is clearly under pressure caused initially by the Brexit vote and also by the recent announcement that Article 50 will be triggered by March 2017. The uncertainty this has caused has seen Sterling hit close to its lowest level since 2011 providing an excellent opportunity for anyone selling Euros to buy Sterling.

If you’re in the process of moving to Europe or buying a property abroad before the end of the year it may be worth considering buying a forward contract which allows you to fix an exchange rate for a future date and avoids the risk of the market moving against you further.

Having worked in the foreign exchange industry since 2003 I am confident not only of offering you better exchange rates than using your bank when buying or selling Euros but also to help with the timings of your transfer.

If you have a currency transfer to make and would like further information or a free quote then contact me directly and I look forward to hearing from you.

Tom Holian

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