It’s been a rollercoaster for the UK market in the last 18 months. One that has brought about some of the biggest market fluctuations in recent years. Referendums, elections and events overseas have all caused the pound to come under increasing pressure. But what will that mean going forward for currency buy back rates?
After the triggering of Article 50 in March, negotiations are now well underway in preparing the UK for its exit from the European Union. The pound decreased in March to other currencies on the market which was to be expected.
Since then, the Pound has gradually recovered albeit for blips. One of the biggest was the UK General Election. The result of a hung parliament on June 8th worried the market as noted in a drop.
In the last three months, the Euro buy back rate has improved by 5%. This is a benefit to those looking to sell their overseas currency back for a good price. For example, €250 was worth £11.35 more this weekend than it did three months ago.
The best buy back rate recorded on the site in the last 90 days was 1.12. This was recorded just before the markets closed on Friday.
The future of buying and selling currency will depend on the upcoming negotiations that take place. If negotiations with the European Union appear to be going in a cooperative fashion, we are likely to see the British Pound continue to see growth.
However, a bad deal is likely to see relations deteriorate and the value of the Pound fall against competitors. The currency is likely to come under significant pressure for the rest of the year with companies looking to base Headquarters in Europe for post-Brexit.
One of the biggest issues still to be discussed in more detail is trade. Theresa May has made it clear she has no plans to stay in the Single Market, even if the pound is not likely to take such a hit from leaving.
Who knows what the future holds for the Pound. But it’s clear that for the time being, the growth we are seeing is producing the best buy back rates we have seen in the last few months.
To see how much money can get for your Euros, we sure to check out our partner’s rates at: https://www.currencybuyback.com/sell-currency/euros.php