Pound Euro rate hits 5 month low

The Pound Euro exchange rate has hit its lowest level since May 2023.

The Pound has been under pressure since the Bank of England announced that they would be pausing monetary policy last month. In what was a close vote the central bank chose to keep interest rates on hold. This was for the first time in a long time.

The Bank of England had hiked interest rates 14 times in a row in an attempt to combat rising inflation.

With inflation falling in to the 6% levels recently this was a justification of the central bank keeping rates on hold. They appear now to be adopting a ‘wait and see’ approach.

This has arguably caused global investors to look elsewhere. This has resulted in the Pound Euro rate falling to its lowest level in 5 months.

However, this is very good news for anyone looking to sell Euros to buy Pounds. We have seen a large increase in Euro sellers so far this month taking advantage of the fall in the value of Sterling.

If you’re selling a property in Europe and want to take advantage of these rates then it would contacting me and I can keep you updated with currency movements.

UK Retail Sales data provides evidence to keep interest rates on hold

UK Retail Sales announced this morning, showed a contraction compared to the expectation. This has heaped further pressure on Sterling exchange rates.

With the weather having been unseasonably warm recently this has meant that consumers have not yet started to purchase their winter wardrobe yet.

Poor UK Retail Sales also means that consumer inflation is likely to fall.

This will provide more support to the Bank of England to keep interest rates on hold. The next meeting is due to be held in November.

If you would like a free quote when buying or selling Euros and would like to save money compared to using your own bank then contact me directly with a description of your requirement and I look forward to hearing from you.

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