It’s been an interesting Monday for the Pound, with exchange rates proving to be very volatile due to Brexit talks and rumours of a deal. This morning, there was talk that a deal was going to be announced, and Sterling/Euro shot up to €1.1420 as a result.
Then this afternoon, news broke that actually a deal would not be announced today, and down the Pound went. It’s stabilised a little now, with GBP/EUR currently at around €1.1350.
Sterling is incredibly susceptible to any rumours and news about Brexit at the moment. Anything that hints or suggests that trade talks will start soon is sending the Pound higher against other currencies. Any news that casts any doubt on the progress of the talks will send the Pound lower again. As you can see from the GBP/EUR chart below, this is creating quite a choppy market for the Pound:
With a key EU summit coming up later this morning, I think that the Pound will remain very volatile in the short term. As the chart above shows, this is creating some good opportunities for those that need to convert funds, and this is where having a good currency broker on your side can help.
We don’t just offer market commentary, we also offer very competitive rates of exchange that can save you thousands when converting large sums. If you need to convert currency in the coming weeks and would like to know if the Pound will rise or fall, then we can help keep you up to speed with what’s happening.
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