Pound hits 8-week high against Euro

The GBP/EUR rate has been choppy throughout the summer.

But just over the last week, the Pound has made a powerful move higher.

Buyers of Euros may wish to take advantage.

It’s largely to do with the UK’s ongoing battle with inflation.

The UK has the highest inflation rate among the G7 nations.

And with wage growth of almost 8%, the UK is struggling to contain the wage-price spiral.

The bottom line is it will put pressure on the Bank of England to keep upping interest rates.

This in turn is lifting the Pound.

Meanwhile, a Bloomberg poll shows that interest rates in Europe are expected to rise one more time before they are paused. That is weakening the Euro.

The US Dollar looks on more solid footing than the Euro.

A few more rate hikes in the US are expected. As a result, GBP/USD is largely unmoved this week.

So what next, what should you do?

Make sure you keep in touch as we are always on the look-out for favourable moves.

Any currency requirements? We’re here to help as always.

Call us on 01872 487 500. Or click below for the latest exchange rates.

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Current rates:

Thursday 17th August 2023 at 10:30

£1.00 GBP = 1.1701 EURO

£1.00 GBP = 1.2715 USD

£1.00 GBP = 1.9869 AUD

£1.00 GBP = 2.1448 NZD

£1.00 GBP = 1.7208 CAD

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