Buying Euro rates slip as election uncertainty intensifies (Joshua Privett)

Buying and selling Euro exchange rates have seen their deterioration over the past few weeks accelerate in parralel with the Tories lost lead in the election polls.

The resurgence for Labour is staggering. The same company which revealed the slim margin of 4% in favour of the Tories had identified a 20+ point lead at the beginning of campaigning season just over a month ago.

Previously the Pound had enjoyed a welcome boost against the Euro, with the positives of a Conservative landslide feeding into the Pound’s value. These included – having an elected PM with a mandate heading into Brexit negotiations, a greater challenge against a second Scottish Referendum, and continuation of policy.

With the Bank holiday UK markets are closed but other global markets are operating. We have seen a minor recovery on the Pound, however, this minor rebalancing is a common phenomenon following more serious market movements the previous trading day.

Moving forward, if it continues to remain this close in the polls then it is unlikely financial markets will be willing to hold onto Sterling and bet on a positive outcome. Especially given that 4% was the forecasted win percentage for the Remain camp…

Without demand for Sterling its value would career downwards, making the Euro a more expensive prospect for anyone with an upcoming requirement.

Anyone with a Euro requirement in the immediate term may be wise to contact me to discuss a strategy on how to approach the vote to secure any targetted peaks and ensure you are better protected from any downside risk.

It could even be that the slight resurgence on exchange rates recorded today will be the best buying levels available before the election itself.

I have never had an issue securing more commercial exchange rates than what is on offer elsewhere. Contact me over the bank holiday weekend on [email protected] while markets are closed for a short discussion concerning your personal situation.