Sterling saw a very gradual decline throughout last week against most currencies, particularly on Pound to Euro exchange rates, which saw about 50% of the gains made during February on GBP/EUR evapourate in fairly short order.
The reason for the Pound’s deterioration was also due to surprise events last week which was a stark reminder to how fluid the current political landscape is.
Furthermore this reflects just how important it is to be in a flexible position and be truly up to date with current information. Whilst I hope our readers, regular and new, find this website useful to get your bearing on daily events and your various options for a currency purchase, there is no substitute for direct contact with a currency broker aware of your situation, who can deliver timely updates to you which affect your situation in a market which changes every few seconds.
First off, the House of Lords’ attempt to alter the Brexit bill took a beating. This suggested to markets that if they tried to implement a further guarantee that Parliament would get to vote on any eventual deal reached with the EU, something currency markets are hungry to see, they would likely be shut down.
With Article 50 now just around the corner, Pound to Euro exchange rates are now gradually declining with the news.
Furthermore, Euro buyers faced a problem with the shifting sands of French politics.
Originally the Euro was losing value with the rise of Marine Le Pen, the anti-EU candidate, in the polls for the April election. This was following a scandal with the favourite, Francois Fillon, who had allegedly paid his wife hundreds of thousands for work she hadn’t done with party funds.
Yet a new candidate from the centre has emerged, with the most recent poll showing him nudging Le Pen out. Confidence in the Euro soared on the news.
Next week, there is little economic news expected to be released until Thursday, so this current narrative may see a gradual decline in the Pound’s status against other currencies.
All of a sudden, it is now Euro sellers seemingly with time on their side.
As such, depending on your timeframe for a transfer, if you are purchasing Euros using Pounds, or vice-versa, it’s well worth your time getting in contact with me on email@example.com in order to ensure you make a well informed decision on when to make that particular transfer, as well as benefiting from highly competitive exchange rates from one of the UK’s leading foreign currency brokerages. Just provide me with a basic outline of your currency requirement and I will be back in touch with you as soon as possible.