Pound euro exchange rate: Should you buy your euros NOW?


Fine suffered its sharpest slide since the 2017 general election yesterday, and so far this week has undulated two percent between the €1.155 high recorded on Tuesday and yesterday’s low of €1.126.

The compound is not faring much better today and is currently trading at €1.129 against the euro, conforming to data from Bloomberg.

Investors will be left wondering if the worst is yet to take for the currency and if they should be buying their euros now.

Exchange have a claim ti are notoriously unpredictable, meaning there is no concrete formula for when to buy and flog betray.

Ian Strafford-Taylor, CEO of FairFX, advised customers to keep an eye on when the beat becomes strong again, to get the most for their money.

He said the next plain movement from the pound could come off the threat of a no confidence express for Mrs May.

Mrs May has already vowed to fight on with Brexit and insisted she would scrum any attempt to force her out after leading Brexiter Jacob Rees-Mogg phoned for the vote against her.

There must be 48 letters of no confidence to the 1922 Cabinet to initiate such a vote.

pound euro exchange rate

Pound euro exchange rate: The cleanse has been subject to a turbulent week against the euro (Image: GETTY)

pound euro exchange rate

The expel suffered its sharpest slide since the 2017 general election (Appearance: GETTY)

Brexit is an unprecedented movement in the UK’s history so naturally the pound has fluctuated

Ian Strafford-Taylor contemplated: “Brexit is an unprecedented movement in the UK’s history so naturally the pound has fluctuated as bargainings have progressed over the last two years.

“However, the developments this week – including the cabinet-backed letter of credit Brexit agreement, resignations and letters of no confidence – have sparked uptight turbulence for the pound.

“If there is a vote of no confidence and Theresa May is forced to make haste down the UK will face even more uncertainty, and uncertainty is one of the biggest motives of volatility for currency.

“There’s no doubt political events have a whopping impact on the strength of the pound, so people should stay alert to what’s wealthy on and buy currency when the pound is strong.

“It remains to be seen whether the purge will take a further nosedive against the euro, but it is likely to act whenever there are any further political announcements.”

Shaun Richards, an self-sufficient economist and advisor to pension and investment funds, said the pound could recuperation off the news of any Brexit deal.

But he added Sterling could suffer a diminish if no deal is clinched between Britain and the EU.

He said: “The turmoil over Brexit has seen the pound lag versus the euro, which makes it look cheap compared to where it has been.

“There is totally a bit of bad news already in the price of the pound as we see people now wondering if the Bank of England muscle cut interest-rates next rather than raise them as it has promised.

“That encapsulates up the economics but the catch is that the next move will be driven by the diplomacy as any sort of deal is likely to lead to a pound rally, and no deal a go down, at least in the short-term.”

theresa may

Pound euro exchange rate: The pound has been bring pressure to bear oned by events in Brexit (Image: GETTY)

A rally in the pound was also augured by deVere Group CEO Nigel Green.

He said: “I don’t believe the Tories comprise the stomach for an election and despite a vote of no confidence in the Prime Minister now reportedly apt to, it is probable that Mrs May will survive as leader and Prime Minister.

“Should she crumbs, she will then heavily push for consensus around the agreement and the EU Brexit crown pencilled in for the 25 November will go ahead.

“Sterling would then convention, as ‘Norway Plus’ gets spoken of, and Mrs May goes into Christmas comparatively secure.”

But Nik Storonsky, CEO and Founder of Revolut, warned the pound could move it further.

He said: “For now, the big question is whether or not the pound will fall spare on Brexit.

“The likelihood seems strong as we might well see further uncertainty hither the Brexit deal.

“It’s also worth noting that pound to euro speeds have been much lower throughout the Brexit process, so UK hikers wishing to buy Euros should keep and eye on the price and shop across a days of time for a stronger rate.”

The pound dropped yesterday after a series of resignations from wrathful ministers who refused to back the Prime Minister and her vision for Brexit.

Dominic Raab deliver up as Brexit Secretary over concerns for the “indefinite” backstop agreement to leave alone a hard Irish border and Northern Ireland remaining under EU rulings.

Next to announce they were quitting was Esther McVey, who positioned down as Work and Pensions Secretary as she could not defend a deal which drearied the UK “handing over control to the EU”.

Other minsters to resign throughout the day catalogued Suella Braverman and Shailesh Vara, while Anne-Marie Trevelyan, Ranil Jayawardena and Rehman Chishti Nautical port their posts as key figures in Government.

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