Pound soars to near 3-month high vs Euro

The Pound has hit its highest point against the Euro in nearly 3 months.

While the Pound has had a tough time lately, the Euro has come under pressure this week.

First, Russia has cut off energy supplies from its main pipeline to Europe.

Secondly, the interest rate increases in the EU are triggering fears that southern European countries such as Spain, Italy and Greece, may be thrown into recession.

Inflation is still the main issue right now.

Last week, the European Central Bank went bigger than expected with a 50-basis point increase.

In the US, a 75-basis point rate increase looks likely on Wednesday evening.

And next week, the Bank of England make its interest rate decision.

After years of nothing, Central Bank meetings are full of fireworks.

So what next, what should you do?

As speculation swirls around global interest rate hikes, exchange rates are likely to continue to be volatile.

If you have a currency transfer in mind, get in touch with your account manager who can discuss it with you.

Click the link below to get a free quote or call 01872 487 500.

Current rates:

Wednesday 27th July 2022 at 11:50

£1.00 GBP = 1.1884 EURO

£1.00 GBP = 1.2062 USD

£1.00 GBP = 1.7364 AUD

£1.00 GBP = 1.9342 NZD

£1.00 GBP = 1.5509 CAD

£1.00 GBP = 20.3461 ZAR

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