Sterling has held on to its gains vs the Euro made yesterday following the release of better than expected UK inflation data.
Inflation came out at 2.9% which was above the expectation of 2.6% and this could put a little bit of pressure on tomorrow’s Bank of England meeting.
The likelihood is that UK interest rates will be kept on hold for at least another year but if inflation continues to rise above target this could eventually cause a headache for the central bank.
This morning UK Average Earnings showed a bigger gap against inflation which effectively means that the cost of living is rising but Sterling did not suffer too much as a result.
This week so far we have had three positive movements for Sterling vs the Euro sending GBPEUR exchange rates to their highest level since early August creating some excellent short term opportunities for anyone looking to send money to Europe.
The Pound is also at its highest level vs the US Dollar in a year as of this week which highlights that it is not only Sterling strength against the Euro but against all major currencies.
If you have a currency exchange to carry out in the coming days, weeks or months then you are more than welcome to speak with me directly as I will be more than happy to help you both with trying to time a transaction and getting you the top market rate when you do come to buy your currency.
A small improvement in a rate of exchange can make a huge difference so for the sake of taking two minutes to email me you may find you save yourself hundreds if not thousands of Pounds. You can email me (Tom Holian) on email@example.com and I will endeavour to get back to you as soon as I can.