There was a bout of information released out of the UK at 9.30am this morning, which appears to have given the Pound a boost against the Euro as the pair were seen trading over 1.12 earlier today.
The Office for National Statistics reported that manufacturing production grew by 0.4% on a month by month basis, and this figure was double the expectation from analysts. The Industrial and Construction data also impressed which suggests the UK economy is ending the year in good heath.
Figures such as those released today are significant, as they increase the chances of an interest rate hike from the Bank of England next month, which would result in boost the Pounds value in my opinion as the hike isn’t yet guaranteed so it hasn’t been fully priced in.
Interestingly Standard & Poor’s, a credit rating agency recently implied that the UK economy wouldn’t be able to withstand a rate hike, which saw Sterling dip so this matter should be followed closely.
Another issue which could push GBP/EUR in either direction is the Catalonian Independence push. There is an update on this situation expected within the next hour so those with a GBP to EUR currency requirement should follow this moving forward as it could cause a major move.
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.