Odds on Sterling/Euro parity slashed by bookies

The odds on Sterling slumping to parity with the Euro and making trips to the slot machines in Inishowen and holidays in Bundoran even more expensive, have been slashed by a leading bookmaker.

Thursday, 3rd January 2019, 11:31 am
Updated Thursday, 10th January 2019, 11:38 am
Sterling slump.
Sterling slump.

Lawrence Lyons, a spokesperson for BoyleSports, said the company had decided to slice the odds on Pound/Euro parity happening before the end of 2019 into 8/1 from 12/1 after a spike in bets.

The decision was taken after Sterling traded as low as 1.103 to the Euro on Thursday morning.

“We’re seeing the Pound drop dangerously low to the Euro this week and with a renewed vigour in the betting we’ve had no choice but to cut the odds on them reaching parity this year into 8/1.

"If trends continue, the odds could will only go in one direction and we’ll now have to keep a close eye on the markets as the political situation in London heats up,” said Mr. Lyons.

The Euro, aged 20 this week, has never overtaken the Pound in value.

However it did reach a high of 0.906p on Thursday morning as the markets reacted to the release of the latest manufacturing data from the UK.

Economists have warned that the prospect of a ‘no deal’ Brexit will only increase the possibility of the Pound to Euro exchange rate trading at 1.0 by the end of the first quarter of 2019.