Welcome to Pure FX's latest update of the pound to euro interbank exchange rate.
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Sterling spreads its wings versus the common currency! The pound to euro interbank exchange rate has hit 1.1562 in the last day, its highest since May 23rd 2017, or close to 11 months.
The pound has climbed against the euro, because the minutes of the European Central Bank's meeting, released yesterday, reveal that the ECB is concerned about the euro's strength.
The euro has lost out, as the ECB's minutes for March said that the exchange rate was a "significant source" of uncertainty, that could "have a more negative impact on inflation."
This has weakened the euro, because this tells us that the Eurozone's central bank prefers the euro to stay weak, to help lift inflation pressures in the common currency bloc.
What's more, the minutes of the ECB's March meeting also said that the central bank is concerned about the possibility of a trade war with the USA, also dragging down the euro.
In particular, the Eurozone's central bank expressed "widespread concern that the risk of trade conflicts could be expected to have an adverse impact", thus weighing on the euro too!
Euro falls, as Eurozone industrial production slides
Furthermore, the pound has also hit this 11-month high versus the euro, because Eurozone industrial production unexpectedly fell in February, said official data yesterday.
The euro has weakened, as industrial production in the bloc fell by -0.8% in February, according to Eurostat on Thursday, well below financial market forecasts for a +0.1% increase.
This has dragged down the common currency, because this was the 3rd consecutive monthly fall in Eurozone industrial production, and the steepest drop since the end of 2016.
In addition, this has also hurt the euro, as Eurozone industrial production dropped by -0.6% in January, plus -0.1% in December, the sharpest 3-month decline since mid-2012.
This has weighed on the common currency, because this industrial production data follows other signs of a slowdown in the Eurozone, so GDP growth on the continent may ease.
As a result, the pound to euro interbank exchange rate has reached this 11-month high, and may fly higher too!
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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@example.com.