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How could the Budget impact GBPEUR rates today? (Tom Holian)

Wednesday, March 8, 2017 1:57
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(Before It's News)

The rate to buy Euros with Sterling has fallen to its lowest level since January as the fallout from the obstacles to triggering Article 50 continues. The House of Lords wants to protect the rights of Europeans living in the UK and also wants to ensure reciprocal rights are agreed for Britons living on the continent.

Today all eyes will focus on the Budget released by Chancellor Philip Hammond. Suggestions are that the UK’s growth forecast may be increased from 1.4% to 1.6% which is good news.

However, at the same time the Budget is likely to not be too positive as Hammond is likely to limit available funds owing to him holding back for potential costs involved in the Brexit negotiations.

Hammond is expected to provide quite an ‘upbeat’ speech later today as he will talk about how resilient the UK has been since the Brexit vote last June.

Clearly there is a problem with inflation at the moment but generally speaking the economic data that has been coming out of late has been rather positive

However, it is clear that the Pound is still struggling owing to the issue of Article 50 and as yet no formal date has been agreed as to when it is due to be triggered.

GBPEUR exchange rates are unlikely to see much of an improvement even if the Budget is positive so don’t expect to see much gains during today’s trading session.

I have worked in the foreign exchange industry for almost 15 years for one of the UK’s leading independent currency brokers and I’m confident not only of being able to offer you bank beating exchange rates but with my experience also help you with the timing of your transfer.

If you would like further information or would like a free quote when buying or selling Euros then contact me directly and I look forward to hearing from you.

Tom Holian [email protected]


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