"On the assumption that we get further reasonable news from the finance ministers and assuming the euro remains reasonably well supported above last Thursday's close at €1.1370, we will be heading back towards €1.1100."
It's the weakness in the Euro that has caused higher GBP/EUR rates of late, and if there are more positive comments regards the Euro then the exchange rate is likely to drop further.
UK Data today could also push GBP/EUR lower
There are concerns over the health of the UK economy, after lots of poor economic data points to slowing growth. Today we have Public Sector borrowing figures which are widely expected to add to the gloom over the budget deficit.
Summary for those needing to buy Euros
It's really the fact that the Euro and Sterling are both very weak currencies at the moment, and it's a tug of war on which can perform worst. Recently it's been the Greek debt that has taken centre stage, but with markets now calmer and more poor UK data expected, we think that GBP/EUR will remain under pressure and head back towards €1.10.
If you need to buy Euros and are worried about the rates falling, click below to send us a free enquiry on our exchange rates, and the tools we have to make sure you don't lose out if rates fall, even if you don't need your currency for many months.
