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Why is the Pound Strengthening?

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The pound has seen excellent gains against the Euro this week with further positive movement being seen this morning. Rates for GBP EUR have broken above 1.15 today creating an excellent opportunity for those clients looking to buy Euros. GBP EUR is currently sitting at 9 month high, although as we have seen since the beginning of the year the rates have dropped lower after a number of short term spikes.

The pound has rallied this week on the back of healthy unemployment data released yesterday which saw more jobs in the UK being created and the headline figure remained at 4.3%. The general mood over Brexit appears to be improving for the time being anyway and this appears to be helping lend support for sterling Euro exchange rates. Even previous Prime Minister David Cameron was recorded on microphone yesterday in Davos stating that Brexit was not as bad as many had thought.

The European Central Bank meet today to discuss interest rates and could create some volatility for the Euro today. ECB President Mario Draghi has been very careful with his choice of words of late although any statements made at the following press conference today could see the Euro react. Tomorrow sees UK Gross Domestic Product numbers which are also likely to have an impact on the price of sterling. Although expectation is for a fall in the numbers there are growing suggestions that the figure could spike at 1.8%. This would likely result in a surge in the price of sterling and yet another window of opportunity for buying Euros. Those clients looking for a spike would be wise to get in touch to set things up ready for an interesting end to the week.

To discuss how these events are likely to impact on the Euro and any specific pending currency requirements you may have then please get in touch with me at [email protected]


Source: http://www.eurorateforecast.com/2018/01/25/why-is-the-pound-strengthening/


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