Sterling Euro still above 1.40 (Tom Holian)

Pound to Euro Drops as Virus Drama Returns to London

Sterling Euro exchange rates had a mixed end to the week after a disastrous day on Thursday.

Bank of England governor Mark Carney stated that UK interest rates are unlikely to rise until earliest Spring 2017 which led to a 3 cent fall vs the Euro.

However, the losses didn’t last for long with Sterling hitting 1.40+ once again after the US economy confirmed an extra 2171,000 new jobs created in October.

This puts more pressure on the Federal Reserve who have claimed many times already this year that a US interest rate rise is data dependent.

With the target of 200,000 an extra 71,000 is the best jobs creation all year and this has led to a huge amount of Dollar strength which typically results in Euro weakness.

Sterling is now back above 1.40 after a brief flirtation with 1.38 during Friday morning.

Next Wednesday sees the release of the UK unemployment figures and if the data is better than expected we could see Sterling Euro rates touch 1.41 during the middle of the week.

If you need to buy or sell Euros and would like a free quote compared to using your own bank then contact me directly for a free quote. Tom Holian [email protected]