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Pound Nears 3-Week High Versus Euro, Could Jump Higher in March 2018

Market CommentaryPound Nears 3-Week High Versus Euro, Could Jump Higher in March 2018
The pound to euro interbank exchange rate has hit 1.1356 today, its highest since February 28th, and could rise higher, as it
The pound to euro interbank exchange rate has hit 1.1356 today, its highest since February 28th, and could rise higher, as it’s thought that the UK created a bumper +85,000 new jobs in the 3 months to January. Image credit: Takis Kolokotronis.

by Peter Lavelle

Welcome to Pure FX’s latest update of the pound to euro interbank exchange rate.

This tells you when it’s a favourable time to exchange pounds to euros, for your money transfer!

Sterling continues to rise versus the common currency!

The pound to euro interbank exchange rate has hit 1.1356 today, its highest since February 28th, or close to 3 weeks.

What’s more, looking ahead, the pound could fly higher in March 2018. Here are 5 reasons why:

1. UK inflation data is released on Tuesday, in which it’s thought that UK inflation eased to 2.8% in February from a year ago, compared to 3.0% in January.

This may lift the pound, because when UK inflation eases, Britons’ pay packets stretch further. This lets Britons spend more, so boosting UK economic growth!

2. It’s forecast that the UK economy created a bumper +85,000 new jobs in the 3 months to January, ahead of UK labour market data released this Wednesday.

This could boost sterling, because if the UK created +85,000 new jobs, this would show us that the UK labour market remains red hot!

3. UK retail sales for February are released this Thursday, in which it’s predicted that sales rose a healthy +1.5% year-on-year, following January’s +1.6% gain.

This may strengthen the pound, because when UK retail sales expand rapidly, this accelerates the UK’s GDP expansion!

4. The Bank of England announces its latest UK interest rate decision on Thursday, in which it’s hoped that the BoE will hint that it will soon lift interest rates above 0.5%.

This could raise up sterling, because when the BoE hikes interest rates, this makes investing in UK assets more profitable for international investors!

5. The European Union holds its next Summit on Thursday, in which it’s thought that the EU will agree a Brexit transition deal with the UK.

This may help the pound, because when the UK and EU agree a Brexit transition deal, this will give UK businesses the confidence to hire and invest more!

With all this in mind, the pound to euro interbank exchange rate has neared this 3-week high today, and may rise further in March 2018!

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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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