Pound Euro exchange rate hits 7 month high
The Pound vs the Euro exchange rate has hit its highest level since December last year
Revised figures published by Eurostat this week showed that Europe fell into recession as prices rose for consumers.
According to the release, the economy contracted by 0.1% as well as contracting during the final quarter of last year.
Two quarters of negative growth cause a recession and this is one of the big factors as to why the Pound has gained recently against the Euro.
With Germany officially in recession we could se further problems ahead for the continent.
With prices and inflation still very high the European Central have been struggling to keep inflation under control.
To be in a recession as well as suffering from high inflation Europe is facing a difficult time ahead.
Will the Bank of England increase interest rates again this month?
With a dozen interest rate hikes in a row the Bank of England is clearly aimed at tackling high inflation.
Inflation has been rising for over a year and the central bank has been tasked with getting inflation under control. The target level is for 2% which we are currently way off.
Therefore, it is difficult to not see the Bank of England raising interest rates at their next meeting again this month.
The next meeting is due to take place on 22nd June and we could see another interest rate hike coming.
This could cause the Pound to move in an upwards direction against the Euro as the yield in the UK compared to the Eurozone becomes wider.
Therefore, if you’re considering making a currency transfer in the near future then it may be worth keeping a close eye on what happens at the next Bank of England meeting.
The post Pound Euro exchange rate hits 7 month high appeared first on Pound Sterling Forecast.
Source: https://www.poundsterlingforecast.com/2023/06/pound-euro-exchange-rate-hits-7-month-high/
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