Welcome to Pure FX's latest update of the euro to pound exchange rate. This tells you when it may be the best time to exchange euros to pounds, for your money transfer!
The euro flies higher versus the pound! The Eurozone's common currency has hit 0.9053 versus sterling today, very close to its highest in 15 months, or since September 11th 2017.
By contrast, back on April 17th, the euro was as low as 0.8635 versus the pound, so it's since risen by +4 cents, or +4.84%!
To put this into context for you, a 250,000€ transfer to the UK at this exchange rate would be worth £226,325, or +£10,450 more than on April 17th!
As a result, if you're a Briton thinking of selling your property in Spain or France, it may be a top time to buy your sterling!
Pound Weakens, as BoE Talks of Brexit Uncertainties
The euro to pound exchange rate has neared this 15-month high, because the Bank of England (BoE) has warned of growing Brexit uncertainties for the UK economy.
Yesterday, while announcing its decision to hold UK interest rates at 0.75%, the central bank said that "Brexit uncertainties have intensified considerably since the Committee's last meeting."
As a result, the BoE now forecasts that the UK economy will expand by just +0.2% between October and December, -0.1% less than previously forecast.
So given these Brexit uncertainties and lower growth, sterling has weakened!
Sterling Falls, as UK Business Confidence Sinks
What's more, the common currency has also risen versus sterling, because UK business confidence has fallen, said a new trusted survey this week.
According to Lloyds Bank's monthly UK Business Confidence Barometer, UK companies' optimism fell -7% in December, to just +17%, its weakest since June 2016.
This reflects UK businesses' concerns that there'll be a "No Deal" Brexit, in which case it will be much tougher for UK companies to trade and export with the EU, as well as hire European staff.
This would slow Britain's economic growth in 2019, thereby dragging down the pound!
Euro Rises, as Italy and EU Resolve Budget Dispute
Moreover, the euro to pound exchange rate has also strengthened, because Italy and the EU have now resolved their budget dispute.
This week, Italy's prime minister Giuseppe Conte announced that Italy's debt for 2019 would be 2.04%, down from the 2.4% originally proposed.
This lower debt is within the EU's budget rules, this bringing an end to weeks of conflict between Rome and Brussels.
According to Pierre Moscovici, the EU's economics commissioner, the agreement will "make the euro stronger" by boosting ties between Italy and the EU, and thereby bolstering the euro!
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Please bear in mind, this article is Pure FX’s opinion only and does not constitute advice. Moreover, the exchange rates referred to in this article are the interbank rates, which are the rates at which banks and financial institutions buy and sell currency to each other. Therefore these exchange rates cannot be accessed by individuals or SMEs, and are not the same rates that Pure FX can offer. To get a free exchange rate quote, call us on +44 (0) 1494 671800, or email [email protected]