Will the Pound rise against the Euro in October?
Will the Pound move up against the Euro?
The Pound Euro exchange rate hit its lowest level since May after the Bank of England announced that they were pausing interest rates.
However, since then the Pound has started to make some small gains as we end the week and the month.
This morning the Office for National Statistics announced that UK GDP for quarter 2 grew at 0.2%.
The other announcement was that the year on year rate was revised upwards from 0.4% to 0.6%.
Later on this morning Eurozone inflation data will be coming out at 10am.
Inflation has been a key influence in central bank policy both to the Bank of England and the European Central Bank.
Inflation has started to fall in the US, UK and Eurozone recently which has led to them all considering what to do with policy moving forwards.
Oil Prices on the rise
Oil prices have been rising dramatically over the last few weeks which is not good news as we head into winter in the northern hemisphere.
The weather still remains mild but the rising cost of oil will start to once again impact upon household bills.
Rising oil prices also affects the cost of manufacturing and production. This could be reflected in rising prices for the consumer too as we move forward.
Ultimately this could lead to inflation rising once again which could put pressure on both the Bank of England and European Central Bank to revisit monetary policy.
After 14 interest rate hikes in a row the Bank of England finally chose to keep rates on hold. This caused the Pound to briefly dip vs the Euro earlier this month.
However, since then the Pound has made some small gains vs the Euro.
If you would like a free quote when buying or selling Euros then feel free to contact me directly.
I have worked for one of the UK’s longest established currency brokers for 20 years today. Please email me directly and I look forward to hearing from you. Tom Holian [email protected]
The post Will the Pound rise against the Euro in October? appeared first on Pound Sterling Forecast.
Source: https://www.poundsterlingforecast.com/2023/09/will-the-pound-rise-against-the-euro-in-october/
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