Pound to Euro exchange rates are currently close to a 2 month low and although we saw the Pound make some gains after the Bank of England announced on Thursday that one of the nine members voted for an interest rate hike I think the gains will be very short lived.
The Dutch elections have come and gone without too many problems or surprises for Europe and with the rejection of populism in the Netherlands I think Marine Le Pen’s support in France could also wane because of the vote this week.
Therefore, all attention is likely to be on what happens during the next fortnight and when exactly will Article 50 be triggered?
Brexit secretary David Davis has said on a number of occasions that the Brexit talks will commence at the end of the month but as yet no formal date has been announced.
The delay make me personally rather suspicious because I think if the government was ready to begin the negotiations why would they delay the talks?
With the House of Lords challenge to Brexit having now been overcome and with Royal Assent also having been granted this week then it appears as though there is little reason not to trigger Article 50.
If we look back at what happened with the Brexit vote last June to GBPEUR exchange rates the Pound crashed dramatically highlighting the importance of timing when it comes to exchanging currency.
The Pound plummeted by over 9% in a single day and although I don’t think we could see such a huge movement I do think the markets will react extremely quickly.
In the last few weeks Sterling vs the Euro has not moved too much compared to previous quarters and in my opinion I think this is because most people are waiting to see what will happen once Article 50 has been triggered.
Therefore, especially with Article 50 due to be announced in the next fortnight it has never been more important to ensure that you’re prepared to move quickly when it comes to buying your currency.
If you would like my help in terms of saving you money on exchange rates compared to using your own bank then contact me directly. Having worked for one of the UK’s leading currency brokers for 15 years a quick email could save you a lot of money.
For a free quote or further information about how I can help you then email me directly and I look forward to hearing from you.
Tom Holian [email protected]
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