Sterling vs the Euro are now at their lowest level in over 2 months as the fallout from Brexit continues to dominate the headlines.
The Pound has continued to tumble agains all major currencies as demonstrates how serious the plight of Sterling is at the moment.
Prime Minister Theresa May has still yet to offer a clear indication as to whether the UK will opt for a soft or a hard Brexit but at the moment it appears as though we could be facing a hard Brexit which means leaving the single market.
This is the main issue affecting the value of Sterling as the financial uncertainty caused by leaving the single market could cause big problems for the British economy.
Indeed, MPs have already spoken out and said no Brexit talks can happen until Theresa May has clarified her position.
With the Supreme Court judgement due soon I think this will help the situation as it will allow the Prime Minister to take things forward.
However, in the meantime until we have some clearer indication I think things will get worse for Sterling exchange rates vs the single currency.
Towards the end of this week Germany posted figures in the form of GDP which came out at 1.9% for 2016 and this was much better than expected.
This sent GBPEUR rates down to their lowest rate to buy Euros since early November creating some excellent opportunities for those looking to sell Euros at the moment.
In the short term I expect the Pound to continue to struggle against the Euro so if you need to send money to Europe in the next few weeks it may be worth looking at buying a forward contract which allows you to fix an exchange rate for a future date.
Having worked in the currency markets since 2003 I am confident that not only can I offer you bank beating exchange rates but also able with my experience to help you with the timing of your transfer.
To find out more or if you’d like a free quote when buying or selling currency then feel free to contact me directly and I look forward to hearing from you.
Tom Holian firstname.lastname@example.org