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Pound to Euro exchange rates and Article 50 (Joshua Privett)
Pound to Euro exchange rates had a net positive week last week, the final full one before Theresa May and her Government finally push the button to trigger Article 50 on Wednesday. Much of what this website has covered since June is how markets will react the closer we get to the event, but now we find ourselves in the difficult position of assessing what will happen on the day itself.
It is not a simple question of positive and negative reactions to the formal beginnings of the UK’s exit from the EU. Mass market psychology plays a large part.
Speculators at high street banks, the ones who move enough capital to actively change market values for the Pound, have been looking forward to this day for 9 months. The potential volatility involved in this event is a fantastic opportunity in their world for exaggerated profits. Each will be second guessing the other in buying a selling activity, with millions to be made and lost every few seconds.
Since this activity is difficult to second guess, the dilemma for Wednesday is becoming a bit more understandable.
However, what I will take the time to note is that Article 50 is not being triggered with the same potential anxious cloud it could have been. The devastating events of last Wednesday caused a vote in the Scottish Parliament to be deferred out of respect to the ongoing situation in Westminster. This would be the first official step towards a Second Scottish Referendum and they had the votes to pull it off.
So it is more positive, but so much also depends on the language which Theresa May utilises when addressing Parliament at midday. May’s choice of words even since January has been heavily Pound positive and sometimes alarmingly Pound negative. Euro buyers and sellers alike should be viewing Wednesday with some degree of risk.
As such, anyone with a Pound to Euro requirement and who are not willing to gamble on the result on Wednesday may be wise to consider moving ahead of the event itself. Using personal contact with myself to monitor rates of exchange in the run up to Wednesday in order to make an informed decision on your transfer is recommended. As reading this website’s morning and evening posts is not sufficient to keep up to date in an market which changes by the second, particularly around an event such as this.
However, if you do wish to gamble on the result of Wednesday benefitting you, you can still utilise my services as a broker to ensure you are doing so safely. There are ways to ensure if the market does move against you, your capital is protected, and if the market does move on Wednesday it is unlikely to be a small movement. I would approach Wednesday with at least some form of safety net.
If you are planning to make a currency exchange involving the Pound and another foreign currency, it’s well worth your time getting in contact with me on [email protected] in order to ensure you make a well informed decision on when to make that particular transfer, as well as benefiting from highly competitive exchange rates from one of the UK’s leading foreign currency brokerages. Just provide me with a basic outline of your currency requirement and I will be back in touch with you as soon as possible.
I have never had an issue beating the rates of exchange on offer elsewhere, so a brief conversation could save you thousands on a prospective transfer.
Source: http://www.eurorateforecast.com/2017/03/26/pound-to-euro-exchange-rates-and-article-50-joshua-privett/
