Pound Euro exchange rate hits month high
The Pound Euro exchange rate has finished the week off on a high hitting 1.19 at the end of Friday’s trading session.
On Thursday the Bank of England voted 7-2 in favour of keeping interest rates on hold. The expectation prior to the release was 50%.
Therefore, such a shift in what was expected saw the Pound rally against a number of different currencies including vs the Euro.
This has come a sigh of relief for anyone buying a property in Europe.
On Friday night the UK officially left the European Union as it enters the transition phase.
This is a major milestone since the referendum back in June 2016. However, we could still be in for a lot of uncertainty in the months ahead.
Eurozone showing signs of a struggle
On Friday afternoon the Eurozone economy showed official growth figures of just 0.1% in the final quarter of 2019. France and Italy showed worrying signs of growth and it will be interesting to see when Germany releases its own data concerning growth.
As the Eurozone’s economic powerhouse any signs of problems in Germany could see further struggles ahead for the Euro.
On Wednesday next week the focus will turn towards economic data on the continent. Both Services and Retail Sales data for the Eurozone will be released. Both have come under pressure recently so another poor data release could once again negatively impact the Euro.
Could this potentially be one of the catalysts sending GBPEUR exchange rates towards 1.20?
If you have an upcoming currency transfer and would like to plan around Brexit or the BoE interest rate decision, feel free to contact me directly, Tom Holian, Using the form below. I look forward to hearing from you.