Over the next few days, EU leaders will be meeting in Brussels to decide who will take some of the EU’s top jobs in the near future. European Council President Donald Tusk would like names to be suggested at the summit and then the European Council would need to seek the approval of the European Parliament to take things forward.

Currency Pair% Change (Month)Difference on £200,000
GBPEUR3.2%€7,350

Therefore, for the first time in a long while Brexit isn't likely to be prioritised at this weekend's summit. The EU have made their stance on the deal clear, it is fair to say it seems it seems unlikely they will be prepared to change their minds in the near future. Indeed, reports are that the EU will not reopen the talks with the UK. However, they are also probably adopting a wait and see approach as to who the next British Prime Minister will be. The Irish Prime Minister Leo Varadkar has said:

There’s very much a strong view that there shouldn’t be any more extensions. There’s enormous hostility towards extension amongst the EU. I have endless patience, but my colleagues do not.

Clearly there is little appetite from Europe to look at an extension, so will the new members coming in to the various top jobs change their stance? Apart from finding replacements for Tusk and Juncker the summit will have to decide on a new European Central Bank (ECB) president and a European Parliament president.

Economic data to impact GBPEUR rates

Economic data to impact GBP/EUR rates

The euro interbank rate is currently still very close to a 6 month high against the pound creating some excellent opportunities to buy pounds with euros. This morning at 09:00 the eurozone will announce Manufacturing data as well as Services data for June.

The eurozone has been struggling recently owing to global tensions as well as the impact of the emissions on the car industry, so this morning could see a slight wobble for the single currency. Therefore, if you’re in the process of making a currency transfer involving euros pay close attention to this data release.

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