Sterling has fallen against the Euro for the fifth day in a row fuelled by the comments last week that the Eurozone growth forecast has been upgraded for 2014, 2015 and 2016. Yesterday comments from Bank of England deputy governor Charlie Bean made it rather clear that there is little urgency for interest rates to be raised any time soon and it is mainly dependent how the economy will perform over the next few months. The tone is very different from the recent rhetoric provide by Mark Carney who has generally provided the economy with stability.
Yesterday EU Industrial production data released showed a higher figure at 2.1% which provide the Euro with further strength. However, it is clear that the EU has some time to go before things dramatically improve. This morning Mario Draghi will provide us with the ECB Monthly Report and this will be key for short term movement for GBPEUR exchange rates. If you’re looking to sell Euros soon it’s worth getting in contact with me to discuss your options and the process of how we can save you money compared to using a bank to exchange Euros. Send me an email directly Tom Holian [email protected]
Having helped thousands of individuals save money on exchange rates over the last eleven years I’m confident I can help you too.
With inflation running rather low in the Eurozone recently there was a very small change that interest rates were going to be cut at this month’s meeting. However, there was no change and the ECB have confirmed that inflation will be not a catalyst in changing interest rate policy which has led to the Euro gaining against the Pound this month. Already since the start of March we have seen rates move by 2% from the high to low.
With the European industrial sector showing signs of improvement and the ECB Monthly Report due out this morning I think we could see rates challenge 1.19 this morning on Interbank levels.
If you have a currency requirement to make and want to save money on exchange rates then contact me directly Tom Holian [email protected]