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Pound Reaches 6-Week High Versus Euro, as May Talks of 'No Brexit'

Market CommentaryPound Reaches 6-Week High Versus Euro, as May Talks of 'No Brexit'
Pound Reaches 6-Week High Versus Euro, as May Talks of 'No Brexit'
Image credit: Ali Seifert.

Welcome to Pure FX's latest update of the pound to euro interbank exchange rate!

The pound to euro interbank exchange rate jumps for joy! Sterling has hit 1.1237 versus the Eurozone's common currency today, its strongest in 6 weeks, or since December 3rd.

By contrast, back on January 3rd, the pound was as low as 1.1042 versus the euro, so it's since risen by +1.76% or close to +2 cents.

At this interbank exchange rate, £250,000 would be worth €280,925, or +€4,875 more on January 3rd!

If you're a Brit thinking of emigrating to France or Spain and buying a holiday property, this may be helpful to ensure you make a well-informed decision when making your money transfer.

Pound Climbs, as May Talks of 'No Brexit'

The pound to euro interbank exchange rate has hit this 6-week high, because UK prime minister Theresa May is due to say today that 'No Brexit' is likelier than a 'No Deal'.

This is to say, the prime minister thinks that it's more probable that Brexit won't happen at all, than that the UK will crash out of the EU.

In a speech that Mrs. May will give to factory workers, she'll say that "there are some in Westminster who would wish to delay or even stop Brexit".

This has lifted the pound, because the prime minister's remarks have buoyed hopes that the UK might after all stay in the EU!

Sterling Climbs, as Brexit May Be Delayed

Moreover, sterling has also hit this 6-week high versus the euro, because there's talk that Brexit may be delayed.

This Tuesday, Parliament is set to vote on prime minister May's proposed deal with the EU. The thing is though, it's thought that MPs may vote down the deal.

In this case, the government may seek an extension to Article 50, the UK's 2-year negotiating window to exit the EU. This will give the government more time to convince MPs to support Mrs. May's draft deal.

As a result though, the UK will stay in the EU for longer, beyond March 2019, thereby boosting the pound!

Euro Falls, as Italy's Banking Sector Weakens

What's more, the pound to euro interbank exchange rate has risen, as there are renewed fears over Italy's banking sector.

Over the weekend, it was announced that Italy's 10th largest bank, Banca Carige, has entered "temporary administration". In addition, regional bank Banka Popolare di Bari has also said that it's seeking refinancing.

This has reignited fears that Italy's banking sector may crash, just when Italy's economy may have entered recession.

If so, this bodes ill for the wider Eurozone's financial health, which will weigh on economic growth, and the euro 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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