GBPEUR reaches 12 week low due to UK General Election (Dayle Littlejohn)

For many weeks I have been predicting that the pound would come under pressure the closer we get to June 8th and I was not wrong. Over the last 4 weeks GBPEUR exchange rates have fallen 5 cents making a €200,000 purchase £7,400 more expensive.

The latest set of polls released three days ago are suggesting the Conservative party are still ahead however by only 3%. It is important to note when Theresa May called an election the Conservative party polls were suggesting she had a 10% lead. YouGov are still predicting a win however they believe the Conservatives will be 16 seats short to win a majority.

Yesterday evening both Theresa May and Jeremy Corbyn appeared on the popular tv show question time. Unfortunately the leaders do not go head to head and it was actually a question and answer session with the audience.

My personal view was that both leaders hit stumbling blocks. The audience were angry that Theresa May called for a General election in the first place, as she promised this wouldn’t happen and the only reason she called the election was to strengthen her position as Prime Minister. Where as Mr Corbyn was quizzed in regards to using trident and the leader of the opposition could not give a straight yes or no answer to whether he would if he had to use the nuclear device.

Strategies for people converting pounds into euros or euros into pounds 

As I have said in previous articles, I am not surprised to see some polls narrow and suggest anything could happen. My personal belief is that the Conservative party will win a majority therefore the pound will strengthen. However if I were buying a property abroad or needing to pay a company invoice I would not leave myself exposed for the full value.

The strategy I would use is buy half now and half later as I worry that a shock announcement like the Brexit decision could occur once more and therefore the pound could plummet in value.

For people that have euros and need to buy pounds, exchange rates could be at there most volatile on the eve of the election therefore this is when I would look to take advantage.

If you need to buy or sell euros and would like to save as much money as possible, feel free to email me with your requirements and I will respond with the process of using our company [email protected]. As a company we pride ourselves in the ability to get you a better exchange rate than your current currency provider or your bank. In addition we can outline your options and the potential future events, which will impact your exchange rate. This will help you to make informed and educated decisions.