GBP/EUR exchange rates under pressure ahead of the Brexit vote

Sterling exchange rates have opened poorly this morning with the pound now having fallen 1.2% against the single currency this year. Sterling has, however, remained stable against a number of other currencies, and has actually posted small gains against the US dollar – further reactions to yesterdays’s comments from Fed President Raphael Bostic

Sterling has remained on the back foot this week, with much of the movement being attributed to the various outcomes for next months vote as explored by my colleague Alastair in his post yesterday

As you can see there are a number of different outcomes and it is this uncertainty that is creating a nervous feeling and uncertain picture for the pound.

What could impact the pound for the rest of the week?

Today is relatively quiet and it is likely to be movements from currencies elsewhere that dictates the pounds trends. For anyone looking at GBP positions in the short term it would be advisable to keep an eye on tomorrows industrial and manufacturing data. Both are expected to make strong improvements from last month, and if as forecast, then the pound should have a strong end to the week. A move that would be welcomed before next weeks expected volatility.

Protect yourself against adverse exchange rate movements

For those that need to convert currency and make an international transfer, there are steps you can take to avoid the uncertainty in the currency markets. We offer various tools to help protect against adverse rate movements such as Forward Contracts, Stop Loss Orders, Limit Orders and Rate alerts. We also offer exceptional rates of exchange that are up to 5% better than your bank or existing broker might offer.

To find out more about how we can help, or to just get a quick quote to compare with your existing provider, get in touch today.