EUR/GBP exchange rates have reached their highest levels against the pound since January having moved over 5% in the last 6 weeks. This has created some great selling opportunities with those looking to exchange euros to sterling.
Why is the Pound so weak?
To buck the recent trend and run of good data from the UK, this week started poorly with some concerning industrial and manufacturing production figures. Both came out significantly lower than forecast posting -2.7% and -3.9% against expected levels of 0.1% and 0.2%. Is this the sign of things to come? Maybe not but it certainly was a worrying release and it has been one of the main reasons as to why the pound has devalued of late.
What can we expect for the pound in the short term?
For me the pound is in an extremely vulnerable position. With the prospect of a ardent Brexiteer getting into Number 10 we have a real possibility of leaving the European Union with a ‘no deal’. And it is this that will continue to weigh on the pound. For this reason anyone hoping for the pound to recover in the coming days and weeks could find them self disappointed. I therefore expect EUR/GBP rates to continue to strengthen.
Looking for the best exchange rates?
If you need to send funds overseas, to buy or sell property or importing/exporting goods, then it’s likely we can save you money. We offer exceptional rates of exchange that could save you thousands when converting a large sum. Follow the link below to make an enquiry and get a free quote.