Sterling Euro exchange rates have remained around the levels of 1.27 this week and have kept Sterling strong.
The ECB yesterday did not intervene with monetary policy as many thought they would but ECB President Mario Draghi did suggest that something may have to be done soon as Eurozone unemployment is still worryingly high.
With Eurozone inflation also still low it could be argued that the ECB did not act yesterday as they are waiting to see if the previous actions in September and October will take effect. However, I do expect something to happen at December’s meeting and GBPEUR rates could rise over the next few weeks.
The UK has also this afternoon announced that they have agreed a package with the EU about halving the £1.7bn budget surcharge recently levied. This is likely to provide some good news for Sterling exchange rates.
If you have a currency transfer to make and want to save money on exchange rates compared to using your bank then contact me directly for a free quote. Tom Holian [email protected]