Pound Euro exchange rates have been under significant pressure throughout the course of the last 6-8 weeks having moved from a high of just over 1.18 to the current yearly lows of 1.1130. This is a move of over 6% during this time. Great news for those selling Euros but what if you need to buy Euros? Will this run continue?
Of course on-going Brexit woes are mainly to blame. If you look at some of the data sets from the UK they haven’t been that poor. This to me suggests, if we can find some kind of resolution to Brexit, and we can avoid leaving on the 31st October without a deal, then the pound could be in for a resurgence.
Tory leadership battle continues
Along with Brexit we also have the fight for Number 10 to contend with. Tonight will see the Conservative leadership battle continue with a head-to-head tv debate scheduled between Boris Johnson and Jeremy Hunt. The new leader will be announced on the 23rd July.
Boris Johnson is the current favourite, and has insisted he will take the UK out of the EU on the 31st October with our without a deal. However I am not so sure I fully believe Boris and should he be named as PM then I believe he may quickly change his tune. I am still being optimistic that a deal will be reached. Personally I do not believe we will leave without a deal. I therefore feel the pound will have a stronger end to the year.
Looking for the best exchange rates?
If you need to get the best rates of exchange, then we can help explain what is moving the market, so that you can make an informed choice on when to fix a rate. We can also provide you with a free no obligation quote. We often show savings of thousands of Pounds for our clients, so to find out how much you could save, get in touch today.