What does an Emmanuel Macron French Presidency mean for Brexit and Sterling?
The long-awaited French Presidential election is over and Emmanuel Macron will take the position of France’s leader, but what does a Macron Victory mean for Brexit and the pound exchange rate?
Brexit negotiations are likely to cause significant sterling fluctuations in the next two years, but with Macron at the helm of France there could be some further difficulties ahead for the UK government. The 39-year-old centrist leader stated in his campaign that he didn’t want Britain to leave the EU with too many concessions so that the European Union’s integrity could remain intact. He’s previously said that Brexit won’t be a ‘walk in the park’ and has even referred to the British exit as a ‘crime’.
Macron’s pro-Europe stance is what set him apart from far-right contender Marine Le Pen who wanted to pull France out of the EU. In February when he visited the UK, Macron stated that Theresa May would be entitled to a ‘fair’ Brexit, without any ‘undue advantages’.
Macron’s love for Europe has also seen him try to lure UK businesses to France to keep them in the EU post-Brexit. He said he would target ‘banks, talent, researchers, [and] academics’. If businesses decide to leave the UK en masse, it could have a detrimental effect on sterling.
As Brexit talks continue the pound sterling to euro (GBP/EUR) exchange rate is likely to make some major swings as political uncertainty weighs. There’s expected to be major GBP exchange rate movement in the next month as the upcoming UK snap-election comes into view; if Theresa May wins the pound could be offered a rally.
What was the reaction of the currency markets?
Following the French election result the euro initially leapt higher but has since retraced its gains allowing the GBP/EUR exchange rate to reside above the 1.18 level. The fall in the euro has been accredited to a mounting number of questions about the future of France under Macron’s leadership. Investors will be watching the June legislative elections to see how the future of the national parliament may turn out.
Additionally, there have been several elections in the currency bloc in the recent years that have seen Eurosceptic parties fall by the wayside. However, with the continual increase of anti-EU parties making their way into the limelight and gaining popularity, it looks as if uncertainty could be a prominent theme for the euro in the years to come.
The pound sterling the euro exchange rate is currently trading in the region of 1.1845.
Guidance on Sending Money Internationally
There are many ways to send money abroad and of course you must use whoever you see fit, but let me explain quickly why we recommend Ben Amrany of FC Exchange.
He handles the transfers for virtually all of our clients, and the reason for that is so that we keep everything in house: Ben, myself, the Notaires and the Agents in France all work together, so we know at any point in time where the money is, which can relief the stress for our clients.
For instance if a Notaire says the money hasn't arrived, I can pick the phone up to Ben, get the tracking details and speak to the Notaire directly to tell him to look again, and how to identify the transfer. But where we have another currency company involved I can't work for the client in the same way, and we have to depend on the client to resolve the problem, which can be very stressful, especially when the currency trader tells the client "the money has been sent", and the Notaire says "he hasn't received it"!
Sadly this has happened a fair bit when other currency companies have done the transfer.
So the benefit of using Ben Amrany and FC Exchange is that... Yes, he will beat other companies' rates as he has a Best Rate Guarantee, but also that he pays careful attention to our clients so things quite literally never go wrong, and funds never go astray, and I can't say that about other companies I have encountered.
You don't even have to by buying a house with Cle France to use Ben for your currency exchange, indeed some clients who have viewed with us may actually buy a property with another agent, sadly we can't win them all, that does not stop them still using Ben and FC Exchange to get the best deal on for their money.
So hopefully I have given you a bit more detail, and feel free to give Ben the chance to at least give you a no obligation quote, but of course I stress again, you can of course use whomsoever you wish.
Thanks, Sharon Evans - Director of Cle France Ltd.
Current rates:
Monday 8th May 2017 at 14:15
£1.00 GBP = 1.1845 EURO
£1.00 GBP = 1.2961 USD
£1.00 GBP = 1.7532 AUD
£1.00 GBP = 1.8725 NZD
£1.00 GBP = 1.7761 CAD
£1.00 GBP = 17.5575 ZAR
Do you want more information ?
So if you need to buy or sell sterling and would like to be kept up to date with all the latest data releases and exchange rate movements then feel free to contact myself Ben Amrany. If you are buying or selling a house in France we will make sure your monies are in the right place at the right time, we work hand in hand with you and Cle France.
For more information on the currency service I can provide please feel free to contact myself...
Ben Amrany from FC Exchange follow this link or phone and ask for myself and quote "Cle France" on 020 7989 0000.
You may contact me directly using this form (click here) with your requirement and I will explain the options that are available to you in getting the best exchange rate.
For everything you need to know about French property visit www.clefrance.co.uk
