Good news for those holding euros is that one of the main potential issues that may have weakened the euro now appears to have been resolved, for the time being anyway.
As covered in yesterday’s report the EU and Italy have now agreed the latest Italian budget after a lot of negotiating. Both sides appear to have had to compromise, and whilst it is an issue that I am sure will come back to the table in the future, this current agreement has now dampened the chances of this causing any problems for the euro imminently.
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A number of major analysts are now reporting that they feel that GBP/EUR may now seek to test the 1.10 mark again and possibly move through it, unless we hear positive news on Brexit from the U.K which at present does look doubtful.
In my opinion I struggle to see too many positives for the Pound in the near future unless there are positive developments from the Brexit negotiations.
Politically, Britain is in a bit of a mess and economic forecasts for the near term are looking fairly grim. If you have the need to buy euros in the near future then the risk of holding on may outweigh the reward looking at all the elements involved for both sides at present.
In terms of economic data we have very little due out from the Eurozone before the end of the year, so it is likely that exchange rates will be politically driven. During the festive season you do tend to have thinner trading levels so small news can have a larger impact.
If you have a specific rate that you wish to achieve for buying or selling euros you can set a rate alert on our website. The rate alert service is free and carries no obligation to trade, and essentially should your chosen rate become available we would contact you to make you aware of it.
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