The pound to euro exchange rate has been moving a huge amount during the last three weeks and after hitting its lowest level since credit crunch last week it has started to regain some its losses. GBPEUR exchange rates fell in to the 1.05 levels for a brief period of time. However, following the Bank of England change of policy on Thursday the pound started to make a strong recovery.
The central bank cut interest rates to just 0.1% as well as introducing further Quantitative Easing measures. The Bank of England injected £200bn in to the money markets and this gave the pound some much needed support vs the euro as well against a number of different currencies including vs the US dollar and Japanese Yen.
The Pound euro exchange rate is likely to be dominated by the ongoing pandemic news so make sure you keep a close eye out on exchange rates which have been moving dramatically in recent times.
I have personally seen a big increase in clients looking to place Limit Orders when buying or selling Euros as this allows you to pre-agree a rate so that even if the markets touch that figure for a brief period of time your order can get filled. This is particularly useful when the markets are moving by so much in such a small space of time.
So far this morning GBPEUR exchange rates appear to have stayed in a very tight range but it is clear that the markets will be waiting for updates as to how the Coronavirus issue continues.
To be kept updated with what is happening with rates then please continue to follow news on this website, and feel free to use the form below to contact me and ask a question. I’ll be happy to contact you personally and discuss your enquiry.