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Pound Euro exchange rates sitting at a 1 month high (Tom Holian)

Thursday, March 30, 2017 10:33
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(Before It's News)

With Article 50 now out of the way it makes it refreshing not be writing about the same subject and its potential impact on Sterling exchange rates.

We have seen the Pound make gains against both the Euro and US Dollar as well as against other major currencies including the Australian Dollar since the triggering of Article 50 yesterday.

The positive tone from Theresa May has seemingly gone down well which has led to the short term boost given to the Pound during today’s trading session.

However, the focus is now likely to turn back to economic data over the next few days.

US GDP which was published earlier today has resulted in Dollar strength against the Euro and this is turn has led to Euro weakness vs the Pound which is good news for anyone looking to buy Euros to send to the continent.

US GDP for the fourth quarter was revised upwards to 2.1% from 1.9% as consumer spending was proved to be more than expected.

Indeed, the Pound to Euro exchange rate has hit its highest level in a month.

Tomorrow morning UK GDP for the fourth quarter is due to come out at 2% so anything better than expected could see Sterling extend its gains seen today. With UK Retail Sales showing positive movements recently if the figures help GDP this is why I think we could see Pound Euro rates end the week on a high.

The only risk is that with Eurozone inflation coming out shortly after the UK GDP release we could see some volatility on the markets in the morning.

Working for one of the UK’s leading currency brokers I am confident that I can offer you bank beating exchange rates when it comes to buying or selling currency.

If you have a currency transfer to make and would like to save money on exchange rates compared to using your own bank then contact me directly and I look forward to hearing from you.

Tom Holian [email protected]


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