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Sterling under pressure against the Euro even with positive UK GDP figures (Tom Holian)

Friday, October 28, 2016 0:57
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Sterling Euro exchange rates have fallen yet again even though UK GDP figures came out better than expected yesterday morning. This was the first quarter after the Brexit vote and although the figures were good the gains were very short lived for the Pound vs the Euro.

The real issue for the Pound is that it’s likely to remain under pressure for quite some time owing to the political instability surrounding the announcement of Article 50. Since the start of October we have seen GBPEUR exchange rates fall by as much as ten cents from the high to the low and in such a short space of time this is very concerning particularly for anyone looking to send money to Europe.

Bank of England governor Mark Carney and deputy governor Ben Broadbent have also recently spoken about the value of Sterling and have not shown too much concern so with the Bank of England due to meet next Thursday I think we could even see an interest rate cut happen.

Indeed, Carney claimed that the interest rate cut put in place post-Brexit helped to save a huge amount of jobs and settle the economy caused by the vote to leave the European Union back in June.

Even if the Bank of England do not cut interest rates next week any signals of one coming could cause Sterling to fall even further against the Euro. Therefore, if need to buy Euros before the end of the year then it may be worth buying a forward contract which means you can secure the current exchange rate removing the uncertainty caused by fluctuating exchange rates.

Having worked in the foreign exchange industry since 2003 I am confident of being able to offer you bank beating exchange rates when buying or selling any major currency and also help you with the timing of your transfer.

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

Tom Holian

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