GBP EUR Falls on Overnight YouGov Poll (James Lovick)
The Euro has made further inroads on speculation that that the European Central Bank may start to look at tapering their existing programme of asset purchases. A general improvement in the Eurozone and finally rising inflation after years of weak growth and general malaise are helping to boost the Euro. However ECB Presidnet Mario Draghi has made clear that astimulus will still need to continue to ensure inflation remains above 2%.
GBP EUR has continue to fall even after last week’s losses as the UK general election approaches. A YouGov poll published overnight has resulted in the pound taking losses after it was suggested that a hung parliament is a distinct possibility. The lead that the conservative party initially had is considerably less now than it was three weeks ago and this is playing into the price of sterling.
Those clients looking to buy Euros may see the pound fall a little further as we move closer to 8th June. However, a conservative majority would likely see the pound rally strongly immediately after the election result. The risk for buyers is that the pound may fall further in the next week before climbing higher on a strong conservative win.
Those clients selling Euros may be best positioned to secure a rate in the days prior to the election and take the safe win.
Focus will now move to upcoming TV debates this week where there could be considerable market reaction on any more political blunders from Theresa May and Jeremy Corbyn.
EU unemployment numbers are released this morning and this could see the Euro strengthen further on a good number. EU inflation data is also released and anything positive here will almost certainly be a confidence boost for the EU.
If you would like further information on Euro exchange rates or any of the major currencies and to discuss how we can assist then please feel free to contact me on 0044 1494 787 478 and ask one of the team for James. Alternatively, I can be emailed directly on [email protected]
Source: http://www.eurorateforecast.com/2017/05/31/gbp-eur-falls-on-overnight-yougov-poll-james-lovick/
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