Politics is still at the forefront in governing buying Euro rates. However, the landscape has taken a very public turn since last Thursday with the announcement that Article 50 must be voted on in Parliament.
Financial markets have made no secret that they wish for the status quo to remain unchanged. Whilst a Brexit must be accepted, any delays, or hopeful signs that the UK will remain part of the single market, has been met with joyous tidings on the Pound’s value.
GBP/EUR rates moved up following Theresa May assuming the mantle of Prime Minister and announcing that Article 50 would not be enacted until 2017 at the earliest. Now we have had a repeat performance in the Pound, with the expectation that additional Parlimentary procedure will add further time to the March 2017 deadline.
This is not over, the Government is set to appeal the decision. However, given that it has gotten to the point of needing an appeal their chances are low.
So now we have the likes of Jeremy Corbyn stating that Labour will block Article 50 unless the Government can guarantee that the UK remains part of the single market. Additional actors who can intervene have now complicated the process, to the benefit of anyone looking to buy Euros.
Previously it seemed difficult that the UK would remain part of the single market. Even talks given to civil servants to prepare them for the formation of new departments and the negotiations to come said it was unlikely. Now there seems to be greater hope, make the Leave campaign keep their promise of keeping us in.
The atmosphere surrounding the Pound has therefore shifted. Not enough to send Sterling rocketing, but Euro buyers are now enjoying rates 2% higher than just a few trading days ago.
In this currently evolving climate, particularly with the rapturous effects of the American election on Tuesday rippling through the currency markets, it is best to ensure you are in a position to move quickly, should any opportunities emerge, and ensure your interest in buying or selling Euros is protected against any adverse movements against your favour.
I offer a proactive service to my customers to manage just that, and there are a number of options open to you in order to ensure you are never ‘last to the party’ when positive spikes emerge, and that your transfer, whether in the immediate or even long term, is safeguarded against a sudden downturn.
You can contact me on firstname.lastname@example.org to discuss a strategy for your transfer in order to maximise your currency return whilst markets are closed for the weekend. You can also fill our the form below and I will respond as soon as I am able.