Pound Exceeds 1.40 Versus Euro for 1st Time Since March 17th, 5 Weeks
by Peter Lavelle
Welcome to my latest update of the pound to euro exchange rate.
Sterling climbs above 1.40!
The pound to euro exchange rate has hit 1.4035 today, its strongest since March 17th, or 5 weeks.
By contrast, sterling was as low as 1.3541 on March 25th. Hence, it’s now up by +3.65%.
To put this into context, a £250,000 transfer to the Eurozone would now be worth +€12,350 more today than on March 25th.
(Please bear in mind, these are the interbank rates at the time of writing. This means the exchange rate may have changed since then.)
Sterling may rise, as Bank of England hints at rate hike
What’s more, the pound to euro exchange rate may continue to rise. Here’s why:
1. Sterling may rise, because the Bank of England’s minutes strongly hinted that UK interest rates are due to rise.
2. The euro could fall, because there’s growing fear that Greece will default on its debts soon.
3. The euro may weaken, because Eurozone consumer confidence unexpectedly dropped in March.
Given this, look for the pound to continue to rise versus the euro!
Source: http://www.purefx.co.uk