GBP/EUR rates have now dropped to the mid €1.13’s this afternoon which is the lowest we’ve seen the pair in over 5 years. This time it isn’t due to the Pound or Brexit, but rather a strengthening of the Euro. A short while there was a rumour from Bloomberg that the ECB may be tapering their QE stimulus programme by around €10bn per month. This is probably the case that they feel adding to an already large money supply won’t be effective.
You can see the sharp drop in GBP/EUR rates when they made the announcement just after 4.30pm today:
This will be a serious concern for Euro buyers. If you need to make a large GBP/EUR transfer, then speak to us today about how you can protect yourself against the rate continuing to drop further.