And just as we are get above 1.21 the rates soon come back down! GBPEUR low today is 1.20584… The outlook remains fairly positive for sterling and the pound to euro rate in general but today’s data does raise questions. Let us look at why the rate’s have dipped today…
Industrial Production and Manufacturing Production data released today showed lower than expected growth in both sectors. In fact the expected growth of 0.3% and 0.4% came in at 0.0%. This was for the month of November and coupled with the year on year figures showing declines also, has led to the impression that perhaps the UK’s recovery is stalling.
PMI Services also posted a slightly lower than expected number which does point to a decelerating rate of growth in the final quarter of 2013. All in all the recovery is still positive but as we keep pointing out the major mover on the pound will be the widening or decreasing of the gap between the Bank of England’s own projections on an interest rate hike – possibly 2016 and the market’s own projections which are as early as the end of this year.
Getting the best rate of exchange on a currency transfer is achieved through careful analysis of all of your options and the market. For the very best rates and analysis of your current position please feel free to speak with me Jonathan on [email protected] or call 01494 787 478 and ask to speak with me.