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GBP to EUR Hits 22-Month High, as 'No Deal' Brexit Ruled Out

Market CommentaryGBP to EUR Hits 22-Month High, as 'No Deal' Brexit Ruled Out
GBP to EUR Hits 22-Month High, as 'No Deal' Brexit Ruled Out
GBP vs EUR Exchange Rate. Image credit: Pijon.

Welcome to Pure FX's latest update of the pound to euro interbank exchange rate!

Sterling rises further versus the Eurozone's common currency! The pound to euro interbank exchange rate has hit 1.1774 in the last day, its highest in 22 months, or since May 14th 2017.

By contrast, back at the start of this year, the pound was as low as 1.1087 versus the euro, so it's since risen by +6.19% or close to +7 cents!

At today's interbank exchange rate, £250,000 would be worth 294,350€, compared to just 277,175€ on January 1st 2019, a notable rise of +17,175€!

This may be of interest to you, if you're a Brit planning to transfer money to Spain or France, to emigrate or buy a holiday home in 2019.

Pound to Euro Rate Climbs, as MPs Rule Out 'No Deal' Brexit

The chief reason why the pound to euro interbank exchange rate has hit this 22-month high is because, yesterday night, MPs in the UK's House of Commons voted to rule out a 'No Deal' Brexit.

In particular, parliamentarians opted to take a 'No Deal', in which the UK would exit the EU without a deal on March 29th, off the negotiating table forever. MPs voted against a 'No Deal' by 321 votes to 278, a majority of 43.

This gives greater confidence to businesses that the UK may reach a Brexit deal with the EU in the coming days or weeks. This has boosted the pound vs the euro!

Vote to Extend Brexit Timetable May Affect GBP to EUR Rate Today

Looking ahead, the factor that looks most likely to influence the pound to euro interbank exchange rate today is MPs' vote to extend the UK's Brexit timetable.

Later on Thursday, the House of Commons will choose whether to extend 'Article 50', the UK's negotiating window to reach a deal with the EU.

If so, prime minister Theresa May's government will have a mandate to ask the EU to extend Brexit talks, beyond the current end date of March 29th.

This too may reassure British firms, which in turn may accelerate the UK economy. This vote looks set to influence the pound to euro rate today!

Sterling Climbs Versus Common Currency, as Investors Downbeat on Euro

Another significant factor why the pound has reached this 22-month high versus the euro is because global financial investors feel notably downbeat about the euro, says trusted new data.

To be specific, there were 78,166 contracts that the euro will weaken up to March 5th, the most since December 2016, according to the US Commodity Futures Trading Commission (CFTC) this week, reported by Bloomberg.

The CFTC measures how positive or pessimistic investors feel about each currency. So this suggests that the markets think that the euro will fall in value. This too has strengthened GBP vs EUR!

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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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