At 12.30pm the UK Chancellor Philip Hammond will give his Autumn statement and past history tells us this can put pressure on sterling exchange rates. Mr Hammond has already eluded to moving away from George Osborne balancing the books theory and instead wants to spend to entice growth. However when there is spending there is also borrowing and many economists believe in the next 5 years this could accumulate to £100bn.
No doubt Mr Hammond will address the Brexit and how this could impact the economy and the processes going forwards. For Euro buyers in recent months when a key figure head talks about Brexit a common trend has been for the pound to devalue. Therefore I wouldn’t be surprised to see the pound drop against the euro making purchasing euros more expensive.
Longer term the Supreme Court ruling next month in regards to Brexit, should put pressure on the pound. For Euro buyers you have to take into consideration GBPEUR exchange rates were 1.10 only 3 weeks ago and I believe the movement in the market is a spike and rates will return to levels we came accustom to 3 weeks ago!
If you are wanting to purchase euros now and unfortunately do not have all of your sterling available, an option is to lock into a forward contract.
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