Eurozone unemployment came out this morning at 12% in line with expectation which helped the Euro to strengthen against Sterling move from 1.22 to below 1.21 during this morning’s trading session. Inflation levels also did not fall as anticipated which led to Euro strength against both the US Dollar and Sterling.
With inflation not falling this has removed the chance of an interest rate cut next Thursday by the European Central Bank which previously led to Sterling hitting 12 month highs against the Euro.
With a risk of deflation this has now meant the Euro could strengthen against the Pound going into next week as well.
Next week is a new month and we could see a lot of movement for GBPUR rates as both the Bank of England and ECB meeting takes place on Thursday.
If you have a currency transfer to make and want to save money compared to using a bank to buy currency then contact me directly Tom Holian [email protected]