Sterling Euro exchange rates have hit their highest level since January 2013 as UK unemployment figures have come out better than expected yesterday at 7.7% down from 7.8% as expected. This also saw the Pound gain against the US Dollar to above 1.58 on mid market.
With levels close to the highest all year it is always tempting to see if there is any more scope for improvement but if we look at what happened during January rates fell over 8 cents during the month once the rates started to drop. As always it is difficult to say that the same will happen but it is certainly a warning that things in the currency market can always move quickly.
Later today head of the ECB Mario Draghi will be giving his monthly speech and this is likely to provide the market will clues as to future monetary policy for the Euro. Any positive sentiment could strengthen the Euro against Sterling and therefore rates could drop.
Iif you would like a quote when buying Euros or selling Euros feel free to contact me directly via email Tom Holian [email protected]