Bordeaux 2015: Weak sterling adds to pressure, say merchants
A weakening pound sterling currency in the run-up to the UK’s Brexit referedum on European Union membership may put extra pressure on the pricing of Bordeaux 2015 en primeur wines, some merchants believe.
A relatively weak sterling may make Bordeaux 2015 en primeur wines from the eurozone more expensive for UK buyers, even if châteaux do not increase prices compared to last year.
It is too soon to predict prices for Bordeaux 2015. Vintage quality will play an important role, with critics set to taste the wines for the first time during en primeur week beginning 4 April.
But, sterling was this week 6% down against the euro versus the beginning of 2016, with £1 equivalent to €1.27 on Thursday morning, 16 March.
It was 9% down versus this time one year ago, ahead of the Bordeaux 2014 campaign.
Financial analysts believe the UK’s upcoming Brexit vote has exacerbated the situation. Swiss bank UBS has even forecast that the pound could fall to parity with the euro if Britons vote to leave the EU on 23 June.
