GBP EUR rate remains relatively static
20 December, 2017
The GBP EUR rate remains relatively static after a half-cent drop first thing yesterday morning. There was little to report on during the days trading, with only US house building figures from the US of note, coming in above expectation. With no further news on Brexit and little in the way of data from the UK, the Pound is open to sentiment-led movement throughout the festive period. Rates are still within 5% off the best they have been in 6 months so is still a good time to sell your Pounds Sterling.
Today only two events take centre stage with the much-anticipated speech from Mark Carney will be given at 13:15 this afternoon whilst the Peninsular war rages on with Catalunya going to the polls in the latest move to see them gain independence from Spain.
The rest of the week
Tomorrow is a little busier. We have public sector net borrowing from the UK, a plethora of data from the US including manufacturing, GDP, personal expenditure and jobless claims. Any significantly negative results here will weaken the dollar, naturally strengthening the euro making it more expensive to buy from your pounds sterling. If you don’t fancy the gamble it may be wise to buy your euros prior to 13:30 tomorrow. We also have retail sales and inflation figures from Canada, which only have a small impact on the US.
We offer a number of services designed to give you more control over what exchange rate you may receive in the future, including a stop-loss order which sets a minimum rate you would be happy with, if the market drops significantly and below this level you are unaffected – ideal considering the warning given by a few major banks last week that the pound is likely to drop in value over the coming months.
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