The Pound had a fairly stable day yesterday following what had been a roller-coaster Tuesday to begin the week, with Pound to Euro exchange rates largely holding their value at the mid-1.17’s on the mid-market rate.
On the Tuesday the Pound dropped back into the 1.16’s from 1.18 before returning to the 1.17 levels as the day wore on, recording the largest total single day movement for GBP/EUR since the beginning of the year.
I think the lesson from Tuesday is that there is still a strong degree of hypersensitivity surrounding the Pound, with any controversial news having an exaggerated effect on market movements, and this will likely increase the closer we get to Article 50’s triggering next month.
Given that the debate on Parliament’s role in the Brexit which has supported Sterling’s value so heavily over the past four weeks has finally concluded; until some new narrative hits the marketplace, there appears to be a stark rise in risk over opportunity for Euro buyers over the next few weeks as we edge closer to much. As such anyone with a GBP/EUR interest may be wise to move sooner rather than later in this current market.
This was proven when yesterday data released showing dramatic improvements in wage growth in the UK, suggesting a stable consumer base for UK growth, did not even register on the currency markets. There is tunnel vision heading into March and the movements may be detrimental for anyone with a Pound to Euro requirement.
Conversely, anyone with a Euro to interest is in less of a rush from my perspective and should see more attractive levels in the coming weeks.
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