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Sterling Hits Highest Versus Euro in 7 Years and 3 Months, Since Dec 2007

Market CommentarySterling Hits Highest Versus Euro in 7 Years and 3 Months, Since Dec 2007

by Peter Lavelle

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

Sterling just climbs and climbs versus the euro!

The pound to euro exchange rate has reached 1.3803 today, its highest since December 7th 2007, or 7 years and 3 months.

Moreover, it looks like sterling will continue to hit new record highs versus the common currency. Here’s why:

1. Greek finance minister Yanis Varoufakis said this weekend that “We shall not squeeze blood out of a stone” to pay Greece’s debt.

This may weaken the euro, because it shows that the possibility that Greece may finally be forced to leave the Eurozone remains alive and well.

2. The UK economy remains “strong,” according to new comments by the director of the Confederation of British Industry Rain Newton-Smith.

This could lift the pound, because it suggests that the UK economy may benefit from renewed and faster growth in 2015.

3. UK house prices jumped +5.4% in February, compared to the same time last year, according to Nationwide today.

This may boost the pound, because if UK house prices rise quickly, it raises the chances that the Bank of England will hike interest rates sooner rather than later.

So, look for the pound to exceed its 7 year, 3 month high versus the euro!

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