Pound exchange rates have pushed to a 2 1/2 month high against the euro following a positive response to Prime Minister Theresa May’s speech. Mrs May was speaking yesterday afternoon at the Conservative Party conference where she went on to say that, after a decade of economic sacrifices, the end was in sight. Nothing unexpected came from her speech, but some some highlights included the freezing of fuel duty for the ninth year in a row and sticking to her Chequers plan, although she didn’t actually reference it by name.
Following the speech sterling received a welcome shot in the arm pushing to a 2 1/2 months high against the Euro, reaching a high of 1.1290 – potentially a good buying opportunity?
Why did the pound rally?
As mentioned her speech didn’t throw up any surprises however she was to receive string praise from a number of her peers. Although her dancing yet again left very little to be desired, her positivity and delivery drew plenty of strong comments from a number of senior members of the Conservative Party, with many saying this was her best speech to date and has created an opportunity for Euro buyers.
This is now the third or fourth time the pound has pushed past the 1.1250 level in the last 2-3 months, on each occasion within a matter of days the pound has lost value and fallen back into the 1.11 territory. Of course there is no guarantee this trend will continue but Euro buyers, in my opinion, could do well to cash in.
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