Yesterday morning saw the sterling euro interbank rate of exchange drop to the lowest levels that have been seen since the start of the year as the pound continues to struggle amidst Brexit concerns.
|Currency Pair||% Change (Month)||Difference on £200,000|
The euro has gained just under 1.5% against the pound over the past month. The main reason behind the movement is sterling weakness, even though there is little positive news from the euro at present. If we did start to see any Brexit progress or slightly more positive news for the pound there could potentially be a turn around. The trouble is, as discussed in the sterling section of our reports there is no clear light at the end of the tunnel at present.
There is not a huge amount of economic data left to be released during the course of this week, but next week brings a flurry of important economic data that could perhaps lead to volatility for the euro.
On Monday the unemployment rate for the Eurozone as a whole is released, expectations are for a slight rise in the unemployment rate to 7.7% which could be viewed as a negative for the euro should the release come out as expected.
Also on Monday, is the release of manufacturing data, with services and retail sales figures to follow on Wednesday and Thursday respectively.
It is clear that the European economy also has many troubles of its own and there are much larger problems bubbling away under the surface that one day will break through, but Brexit seems to be a distraction for the media spotlight and until we see the other side of this, the euro may not suffer as much as it should if these issues were in the spotlight.
One of these issues being Italy, which was widely discussed in yesterday’s euro report by my colleague James Lovick and is well worth a read.
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.
Top currency broker. Fantastic Daniel Wright was really helpful. I have now changed my currency broker I have been with for 10 years to yourselves.
The whole process was simple by Daniel Wright. He described the various stages to the process very clearly & was always available to talk to. A very knowledgeable & friendly person! I highly recommend Foreign Currency Direct.
Superb none better. Impeccable service. So so efficient. Absolutely delighted with the way this company works and especially Daniel.
Would always recommend them. They have their fingers on the pulse and could not be more helpful. Have dealt with Daniel Wright every time who is polite, patient and charming.
We spoke with Daniel for only a few minutes and the funds were in our Spanish Bank Account later that day at the best exchange rate one could get on the day. We would never use anyone else to transfer our funds abroad.