The pound is on its way up for the third day running making considerable gains against the Euro. Theses aren’t small gains either – The markets have been largely caught out unaware and this substantial spike in sterling exchange rates has been quite unexpected. Rates for GBP EUR have broken 1.15 and heading towards 1.16 and in my view rates for this pair should hit 1.16 by close of business today.
The implications of a new government in the US with President-elect Donald Trump already making noises is having a direct impact on all of the major currencies. One such beneficiary as it stands is the pound. The pound is strengthening so much as there is a good chance that Britain and the US may forge stronger trade and political ties, something that has been generally absent under President Barack Obama. The similarities between Brexit and the Trump victory cannot be ignored and the markets are already adjusting for this which is why sterling is jumping so much.
Despite a public holiday in the US for veterans day the markets have certainly not gone to sleep with the pound up almost 0.5% against every major currency. Next week sees UK inflation numbers which could see added volatility considering the recent interest following the “marmitegate” story that broke a few weeks ago. EU GDP could also be a big market mover fro Euro exchange rates next week.
Clients who are buying Euros are seeing an excellent opportunity now that has come from nowhere. If you have an upcoming Euro currency requirement either buying or selling and would like to be kept up to date with all the latest market movements, or simply wish to compare our award winning exchange rates with your current provider, then please feel free to contact me on 0044 1494 787 478 and ask one of the team for James. Alternatively, I can be emailed directly on firstname.lastname@example.org
Euro, Rates for GBP EUR, sterling exchange rates