Macron wins French presidential election: Will you get more or less euros for your pounds?

The euro did not exactly surge after the results were announced.

Polls taken in the build up to the first round of the French election in April proved surprisingly accurate, and those published ahead of the second round indicated that Macron would enjoy a conclusive win.

As a result, the euro gradually strengthened before Sunday’s vote, leaving it with little room to climb further once Macron was officially announced the victor.

Upbeat economic reports from the UK have also helped keep the pound firm against the euro.

Although GBP/EUR is down from the highs of €1.199 achieved on 19th April, the pairing is currently commanding €1.182 – up almost 2 cents from this time last month.

This means that if you need to buy euros you’d get more for your pounds now than you would have at the beginning of April despite Macron’s election win restoring faith in the European project.

If you were sending £1000 to Europe, it would currently be worth €1,182, up from €1,168 last month. If you were exchanging £150,000 for euros the difference would be far more noticeable, with you achieving €2100 more euros today than on 8th April. 

However, while the results of the French election might not have had much of an impact on the GBP/EUR exchange rate yet, the new President could affect whether you get more or less euros for your pounds in the near-future.

UK Prime Minister Theresa May was quick to offer her congratulations to Macron.

She said: “The Prime Minister warmly congratulates President-Elect Macron on his election success. France is one of our closest allies and we look forward to working with the new President on a wide range of shared priorities.”

But this cordiality may not last long.

Macron has indicated that he plans to adopt a tough stance against the UK during the nation’s Brexit negotiations. If he does make efforts to prevent the UK securing a good trade deal, the pound could slide – making currency transfers to France less profitable.

If you need to move money to Europe in the future and want to get more euros for your pounds, follow the latest currency news and stay up-to-date with movements in the GBP/EUR exchange rate. 

Daily Express :: Personal Finance Feed

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