Brexit stalemate causes the Pound to fall against the Euro
Sterling has continued to struggle during the course of this week falling by two cents from the high to the low or the difference of £4,700 on a currency transfer of EUR200,000 which highlights the importance of keeping yourself up to date with exchange rates.
We have had a number of positive economic data releases including rising inflation as well as some impressive retail sales figures due out last Thursday.
However, since then the Pound has fallen as the situation between the UK and the EU appears to have hit a stalemate. Theresa May was in Salzburg on Thursday offering up her Chequers plan but this was rejected by the EU with no other alternatives being offered.
Theresa May then followed this up with a statement on Friday afternoon and confirmed that the UK will not have a second referendum and that the EU must offer an alternative in order to take the talks forward.
At the moment we are in a limbo situation concerning Brexit and with the Irish border issue still unresolved I think we could see further losses going into next week for the Pound vs the Euro. Therefore, if you’re thinking about sending money abroad in the short term then it may be worth looking at getting things organised early next week.
If you’re in the process of buying a house in Europe and concerned about the future of the Pound vs the Euro you may wish to consider buying a forward contract which allows you to fix an exchange rate for a future date. This means you will have peace of mind during what could be a very volatile period for Sterling Euro exchange rates in the weeks ahead.
If you have a large currency exchange to carry out in the coming days, weeks or months then you are more than welcome to speak with me directly as I will be more than happy to help you both with trying to time a transaction and getting you the top market rate when you do come to buy your currency. A small improvement in a rate of exchange can make a huge difference so for the sake of taking two minutes to email me you may find you save yourself hundreds if not thousands of Pounds. You can email me (Tom Holian) on [email protected] and I will endeavour to get back to you as soon as I can.
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