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Pound Reaches 10-Month High Versus Euro, May Strengthen Further

Market CommentaryPound Reaches 10-Month High Versus Euro, May Strengthen Further

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 spreads its wings versus the common currency!

The pound to euro interbank exchange has reached its highest in 10 months today, or since June 7th last year, at 1.1496.

Furthermore, sterling could strengthen further against the euro, looking ahead. Here are 5 reasons why:

  1. The euro may weaken, because Germany's exports fell by -3.2% in February, said Statistiches Bundesamt Deutschland today, below market forecasts for a +0.2% rise.

  2. The common currency could fall, because Germany's trade surplus shrank to +€19.2bn in February, according to official statistics today, beneath predictions for +€21.4bn.

  3. The euro may lose out, because it's thought that Sentix's Eurozone investor confidence survey dropped to +20 this month, reckon economists, below March's figure of 24.

  4. The pound could strengthen, because even though UK business activity decelerated in March, this was due to the "Beast from The East" cold front, so the UK will speed up again.

  5. Sterling may climb, because the Bank of England looks set to lift UK interest rates by +0.25%, to 0.75%, as soon as next month.

With all this in mind, the pound to euro interbank exchange rate has reached this 10-month high today, and may jump 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 peter.lavelle@purefx.co.uk.

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