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Pound Reaches 1-Week High Versus Euro, as UK Agrees Brexit Deal

Market CommentaryPound Reaches 1-Week High Versus Euro, as UK Agrees Brexit Deal
Pound Reaches 1-Week High Versus Euro, as UK Agrees Brexit Deal
Image credit: Francesca Antichi.

Welcome to Pure FX's latest update of the pound to euro exchange rate. This tells you when it could be the best time to exchange pounds to euros, for your money transfer!

Sterling shoots higher versus the common currency! The pound to euro exchange rate has hit 1.1299 in the past day, its highest in 1 week, or since November 16th.

As a result, if you're a Brit thinking of emigrating to the Mediterranean, this could be the best time to buy your euros. By contrast, back on November 19th, sterling stood at just 1.1211 against the euro, so it's since bounced back by +0.75 cents, or +0.78%!

To put this into context, a £250,000 transfer to the Eurozone at this 1-week high would be worth 282,475€, or a full 2,200€ more than at the start of this week!

Pound Flies, as UK and EU Agree Brexit Deal

The pound to euro exchange rate has risen, because yesterday the UK and EU announced that they've agreed a Brexit deal, for the UK's exit.

This includes an extended transition period for businesses to adjust to the UK and EU's new relationship, and a starting point for a future trade deal. Now, EU leaders will meet this Sunday, to sign-off the agreement.

This has boosted sterling, first because the Brexit deal suggests that the UK and EU will continue to enjoy a close relationship, potentially lifting UK economic growth, while this announcement has eased fears of a "no deal"!

Euro Weakens, as EU Consumer Confidence Falls

Moreover, sterling has also hit this 1-week high versus the euro, because Eurozone consumer confidence has tumbled in November, said official figures yesterday.

Confidence among shoppers in the currency bloc fell to -3.9 this month, according to European Commission data on Thursday, below both forecasts for -3.0, and October's -2.7. This is the lowest confidence in the Eurozone since March last year.

This pessimism is fuelled by “volatility in financial markets and rising uncertainty over global growth," says Claus Vistesen at Pantheon Macroeconomics, thereby hurting the euro!

Euro Falls, as Germany's Economy Shrinks in Q3

What's more, the pound to euro exchange rate has also strengthened, because it's been confirmed today that Germany's economy shrank over the Summer.

Germany's GDP fell by -0.2% between July and September, according to the 2nd estimate by Statistisches Bundesamt Deutschland this morning, the 1st fall since 2015. In particular, the Eurozone's largest economy stalled in Q3, as exports fell by -0.9%.

This is because US president Donald Trump's trade tariffs agenda is weighing on international demand for German products. So this has also brought down the euro!

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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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