The Pound to Euro exchange rate is bouncing back once again after it fell following the London Bridge terror attack that occurred on Saturday night. The exchange rate fell to €1.13990 equals £1 at around 6pm on Sunday night, following the last terror attack at London Bridge.
Experts gave a prediction earlier that the horrific attack that took place on Saturday, June 3rd 2017 would cause the Great Britain Pound to weaken against the major currencies such as the Euro and United States Dollar.
But despite the initial fall, the Pound Sterling bounces back this morning and the current Pound to Euro exchange rate is pegged at €1.14773 to £1 as at the time this post was written. The Pound to Euro exchange rate fell to an eight-week low after the Manchester terror attack on May 22.
The terror attack at Manchester Arena had a great impact on the global finance markets and as a result the Great Britain Pound Sterling fell by 0.24% against the Euro. With the general election coming up on Thursday June 8 2017, this is indeed a crucial and volatile time for the Pound.
David Bloom, an analyst from HSBC, warned that the exchange rate could hit lows of £1 to €1 by end of year.
While Caxton Fx Analyst, Alexandra Russell-Oliver, believes the pound’s value will depend on who is victorious in the election. She said:
If Labour wins the election, this would come as a shock for the pound.
Given that a Labour victory would increase uncertainty around the Brexit process, the pound would likely weaken in reaction.
However, if the Conservatives win the election, the pound would likely strengthen.
This is the current Pound to Euro exchange rate as at the time this post was published, let us see what will unfold as the week goes by.