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Sterling Exceeds 1.37 Versus Euro for 1st Time Since Dec 21st 2007

Market CommentarySterling Exceeds 1.37 Versus Euro for 1st Time Since Dec 21st 2007

by Peter Lavelle

Welcome to my latest update of the pound to euro exchange rate.

Sterling rises above 1.37 versus the common currency for the first time in more than 7 years and 2 months!

The pound to euro exchange rate has hit 1.3748 today, its strongest since before the financial crisis.

By contrast, at the start of 2014 sterling was at just 1.1999. Hence, it’s now up by +14.58%, or +17 cents.

To put this into context, a £250,000 transfer to the continent would now get you +€43,725 more today than on January 1st last year.

(Please bear in mind, these are the interbank rates at the time of writing. This means the exchange rate may have changed since then.)

Euro may weaken, as Eurozone sentiment disappoints

Moreover, sterling may continue to rise versus the euro, to rise above 1.3748. Here’s why:

1. The euro may fall, because Greek finance minister Yanis Varoufakis has admitted that “we will definitely have problems in making debt payments to the IMF now and to the ECB in July.”

2. The euro could lose out, because Eurozone businesses were less upbeat than forecast this month, according to official statistics body Eurostat.

3. Sterling may rise meanwhile, because the OECD has endorsed UK Chancellor’s George Osborne’s austerity program, and strong economic growth.

So, look for the pound to rise even further versus the euro soon!

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We’ll tell you when the best exchange rate becomes available.

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