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Pound Exceeds 1.30 Versus Euro for 1st Time Since March 2008, 7 Years

Market CommentaryPound Exceeds 1.30 Versus Euro for 1st Time Since March 2008, 7 Years

by Peter Lavelle

Welcome to my latest update of the pound to euro exchange rate.

Sterling jumps to all-new highs!

The pound to euro exchange rate has hit 1.3041 today, the 1st time sterling has exceeded 1.30 since March 7th 2008, or almost 7 years.

What’s more, sterling could continue to rise versus the euro. Here’s why:

1. The Swiss National Bank has unexpectedly ended its 3-year peg to the euro today.

This may bring down the euro, as investors sell the euro to turn to the UK and Switzerland.

2. The Eurozone’s trade surplus was -€1.2bn less than forecast in December.

This could weaken the euro, because it suggests that Europe’s exports are now worth less.

3. The European Court of Justice has okayed the European Central Bank’s emergency bailout scheme.

This may hurt the euro, because it means the ECB may soon print trillions of euros, devaluing the currency.

Given all this, look for pound to rise further above 1.30 versus the euro!

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