The pound to euro exchange rate has remained fairly steady this week ahead of 9 key days of Brexit negotiations and discussions.
Current interbank levels seem to be dipping just above and just below the 1.17 mark and it is important to remember that this is still within 1% of a 20-month high.
|Currency Pair||% Change in 1 month||Difference on £200,000|
We are in the position at present where there are many different paths that Brexit may take, most of which are discussed in the sterling section of this report and also in more detail on a report I wrote regarding what will happen to Sterling Euro exchange rates as we approach 29th March.
Regardless of whether the pound euro exchange rate ends up rising or falling in the coming days one thing that is for sure is that volatility is expected.
If you are in the position that you have to buy or sell euros before March 29th or even in the months after then it is key that you keep your point of contact here at Foreign Currency Direct fully aware of your requirements so that he or she can keep you fully up to date with the latest developments and market movements.
Better news for Germany in trading yesterday as we had the release of German ZEW data which was above analyst’s expectations. This data is used as a measure of the economic mood within Germany and actually reached a one year high, this positive news however came hand in hand with a growth forecast being cut.
The German Council of Economic Experts (also known as the five sages) these are five academic experts that will hold this position for 5 years. One from the business associations and one from trade unions and their opinions are widely respected.
Unfortunately for Germany and the euro, the five sages actually cut their growth forecast for Germany this year from 1.5% to 0.8%, citing key sectors such as Chemicals and the motor industry.
Should the five sages be correct then this spells fairly poor news for the German economy which could weigh on the euro as the year progresses.
For the very latest movements or an up to date exchange rate for GBP/EUR feel free to contact us today on 01494 725353 and we will be more than happy to keep you up to date with the very latest action.
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