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Euro Rises Further Versus Pound, as Parliament May Reject Brexit Deal

Market CommentaryEuro Rises Further Versus Pound, as Parliament May Reject Brexit Deal
Euro Rises Further Versus Pound, as Parliament May Reject Brexit Deal
Image credit: Matt Lennon.

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 climbs higher versus sterling! The euro to pound exchange rate has hit 0.8920 today, its highest in over 3 weeks, or since October 31st.

As a result, if you're a Brit thinking of selling your Spanish or French property to return to the UK, or a European emigrating to Britain, it could be a top time to buy your pounds.

By comparison, back on November 13th, the euro was at just 0.8663 against the pound, so it's since risen by +2.5 cents, or +2.96%! At today's exchange rate, a 250,000€ transfer to the UK would be worth £223,000, or £6,425 more than on November 13th!

Pound Loses Out, as MPs May Reject PM May's Brexit Deal

The euro to pound exchange rate has reached this 3-week high, because it's feared that Parliament could reject UK prime minister Theresa May's Brexit deal.

According to The Sun newspaper's political editor Tom Newton Dunn, over 100 Conservative MPs may vote down Mrs. May's deal. If so, the UK may exit the EU in March next year without a deal, thereby adding tariffs and regulations to the UK's trade with the continent, and slowing the UK's economic growth!

Alternatively, there may be a fast attempt to reach a fresh deal, adding to uncertainty, and hurting sterling.

Sterling Falls, as May and Juncker Fail to Agree Political Declaration

What's more, the euro has also strengthened versus sterling, because yesterday UK prime minister May and EU Commission chief Jean-Claude Juncker failed to agree the political declaration for Brexit.

On Wednesday, Mrs. May and Mr. Juncker met for afternoon tea in Brussels, to sign the declaration forming the basis of the UK's future trade deal with Europe.

The pair though didn’t sign the document, prompting German chancellor Angela Merkel to warn that she'll miss a summit this Sunday to sign-off on Brexit, unless the document is agreed. So this is weighing on the pound too!

Euro Strengthens, as Italy May Compromise on 2019 Budget

Moreover, the euro has also hit this 3-week high against the pound, because it's thought that Italy may compromise with the EU over its 2019 budget.

Yesterday, Brussels again rejected Rome's spending plans for 2019, saying that it's deficit of -2.4% is too high. This opens the way to Brussels fining Rome, unless Rome adjusts its plans.

In response though, Italy's deputy prime minister Matteo Salvini said that he's open to reviewing aspects of the plan, while Italy's Prime Minister Giuseppe Conte pledged reforms too. This has fuelled hopes for a compromise, lifting the euro!

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You’ll get a highly competitive euro to pound exchange rate for your money transfer!

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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