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Euro Nears 9-Week High Versus Pound, as Fears of 'No Deal' Brexit Rise

Market CommentaryEuro Nears 9-Week High Versus Pound, as Fears of 'No Deal' Brexit Rise
Euro Nears 9-Week High Versus Pound, as Fears of 'No Deal' Brexit Rise
Image credit: Starlight.

Welcome to Pure FX's latest update of the euro to pound exchange rate. This tells you when it could be the best time to exchange euros to pounds, for your money transfer!

The common currency continues to climb versus sterling! The euro to pound exchange rate has hit 0.8916 today, very close to its highest in 9 weeks, or since September 25th.

To put this into context, back on November 13th, the euro was as low as 0.8663, so it's since risen by +2.5 cents or +2.92%!

Were you to transfer 250,000€ to the UK at this exchange rate, perhaps to emigrate to the UK, you'd get £222,900, or £6,325 more than if you'd made the same transfer back on November 13th. So this could be the best time to transfer money to the UK, to lift your pound total.

Pound Loses Out, as Risk of "No Deal" Brexit Weighs

The euro to pound exchange rate has neared this 9-week high, because financial markets remain concerned that the UK may crash out of the EU, in March next year.

This is because, first, it's thought that up to 200 Conservative MPs oppose prime minister Theresa May's negotiated deal with the EU. If so, when Parliament votes on Mrs. May's deal on December 11th, the deal may be voted down.

What's more, former defence minister Sir Michael Fallon has said this week that Mrs. May's deal is "doomed". So this uncertainty is weighing on the UK's outlook, and on sterling too!

Sterling Falls, as Most UK Firms Unprepared for "No Deal" Brexit, Says BoE

What's more, the euro has also risen versus the pound, because the Bank of England (BoE) has warned that most UK companies remain unprepared for a "no deal" Brexit.

Yesterday, BoE governor Mark Carney appeared on BBC Radio 4's Today programme, in which he said that most British firms have yet to implement contingency plans, in case the UK leaves the EU without a deal.

Moreover, Mr. Carney added that, if the UK crashes out, UK GDP may fall by -8%, while the pound could lose -25% of its value. So this warning has given a boost to the euro versus sterling today!

Euro Rises, as German Economy Exceeds Expectations

Moreover, the euro to pound exchange rate has also risen, because Germany's economic performance has exceeded forecasts, says the newest data.

For example, German unemployment fell by -0.1% in November, to 5.0%, according to the German Statistics Office yesterday. In total, joblessness in the Eurozone's largest economy fell by -16,000 this month.

In addition, German retail sales exploded by +5.0% in October compared to a year ago, said Statistisches Bundesamt Deutschland today, far beyond predictions for +2.7%. This may boost German GDP, and the euro also!

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Please bear in mind, this article is Pure FX’s opinion only and does not constitute advice. Moreover, the exchange rates referred to in this article are the interbank rates, which are the rates at which banks and financial institutions buy and sell currency to each other. Therefore these exchange rates cannot be accessed by individuals or SMEs, and are not the same rates that Pure FX can offer. To get a free exchange rate quote, call us on +44 (0) 1494 671800, or email peter.lavelle@purefx.co.uk.

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