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Euro Reaches 10-Week High Versus Pound, Strongest Since Sept 25th

Market CommentaryEuro Reaches 10-Week High Versus Pound, Strongest Since Sept 25th
Euro Reaches 10-Week High Versus Pound, Strongest Since Sept 25th
Image credit: Kerbstone.

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 common currency surges versus sterling! The euro to pound exchange rate has reached 0.8938 today, its highest in 10 weeks, or since September 25th.

By contrast, back on November 13th, the euro was at just 0.8663 against the pound, so it's since risen by +2.5 cents, or +3.17!

To put this into context for you, a 250,000€ to the UK at today's exchange rate would be worth £223450, or +£6,875 more than in mid-November!

So if you're a Brit selling your property in France or Spain to return to the UK, or a European moving to the UK, this may be the top time to buy pounds.

Pound Falls, as Brexit Minister Says There's No 'Back Up' Deal

The euro to pound exchange rate has hit this 10-week high, because the UK's Brexit minister has warned that there's no 'back up' deal, if MPs vote down prime minister Theresa May's agreed deal, in Parliament next week.

Speaking on Monday to the Exiting the European Union Committee, Brexit minister Stephen Barclay warned that there's "no plan" if Mrs. May's Brexit bill fails.

Mr. Barclay's comments will put pressure on MPs in the House of Commons to pass the deal, to reduce the uncertainty for UK businesses. In the meantime though, his comments have hurt sterling!

Sterling Weakens, as UK Factories Stockpiling Ahead of EU Exit

What's more, the euro has also risen against the pound, because UK manufacturers are stockpiling goods ahead of Brexit, it was revealed yesterday.

UK factory output jumped to 53.1 in November, said economics watchdog IHS Markit on Monday, far ahead of forecasts for 51.8 or October's 51.1.

This though was because UK manufacturers are building a back log of products ahead of the UK's exit from the EU in March next year, rather than a rise in demand.

In particular, UK factories say they're concerned that raw materials may dry up, thus weakening the pound!

Pound May Fall Further, as Carney to Reiterate Brexit Forecasts

Looking forward meanwhile, the euro to pound exchange rate could soon exceed this 10-week high.

This is because today Bank of England governor Mark Carney is due to appear before Parliament's influential Treasury Select Committee, to discuss the central bank's recent UK financial stability report.

Mr. Carney though warned last week that only half of UK businesses have contingency plans for a "no deal" Brexit, while if the UK's exit is "disorderly", Britain's economy may shrink by up to -8%.

If Mr. Carney repeats or expands on these remarks, sterling may fall further!

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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 peter.lavelle@purefx.co.uk.

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