The Pound jumped to its highest level against the Euro since early June last year during today’s trading session.
The rate went comfortably above 1.15 at it’s highest point today but it’s since dropped off back into the mid 1.14’s, which isn’t unusual to see when the rates jump to new high’s as profit taking usual puts pressure on the surging rate.
Aside from the positive news for the UK earlier this week when it emerged that the transitional Brexit deal has been arranged, the Pound has been boosted further today after the was shock result in the Bank of England’s voting members regarding their views on the monetary policy for the UK.
Markets had been expecting all 9 voting members of the BoE to vote in favour of keeping rates on hold at the moment, but 2 members shocked financial markets and voted in favour of hiking the rates at the moment. This has boosted hopes of a rate hike in May which is why the Pound saw a boost.
The comments after the vote were quite cautious as it was stated that the hikes would be gradual and limited which put a bit of pressure on Sterling, but personally i think that if the hike in May happens we’re likely to see a stronger Pound in the latter half of the year.
With the EU summit taking place in Brussels over the next few days I think those following the rates should be weary in case of further Brexit revelations.
If you have a large 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 (Joseph Wright) on email@example.com and I will endeavour to get back to you as soon as I can.