The Pound Choppy vs Dollar & Euro

The Pound has been see-sawing so far this week with no clear direction.

It has been a quiet time for the UK economy regarding economic data. The Pound’s movement has been largely a reaction to news from elsewhere around the world.

Let’s start with the Dollar and Euro.

GBP/USD has seen the smallest gains over the last 7 days but after the sharp drop seen at the start of this month, the Pound has certainly steadied against the Dollar.

We’re not seeing similar highs that we did in January, though.

For GBP/EUR the consistent downward trend finally buckled around a week ago.

Since then, the rate has been fairly choppy, struggling to reach the 13-month highs we saw mid-way through the month.

Inflation news from the Euro Area is due at the beginning of March, and it’s certainly one to keep an eye on.

Pressure is building on the ECB to drop interest rates, which could have a big impact on the GBP/EUR exchange rate.

The real positivity for the Pound has been against the Aussie, NZD, and the Canadian Dollar this week.

GBP has seen a 1.4% gain on the Kiwi Dollar, a 0.9% gain vs AUD, and a 0.7% rise against the CAD.

A real momentum shift after a sideways couple of weeks against these currencies.

That’s all for this update.

So what next, what should you do?

It is the 29th of February so why not leap fowrard and find out about what is a "forward contract" it is our most popular service for overseas property buyers.

It’s a legal contract that allows you to lock in an exchange rate for up to 12 months at a time.

If you’d like to find out more about forward contracts or the latest trends, our team are only a call away on 01872 487 500.

To see our latest competitive exchange rates, click below.

Click below for a free quote from Key Currency.

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Current rates:

Thursday 29th February 2024 at 10.50

£1.00 GBP = 1.1680 EURO

£1.00 GBP = 1.2660 USD

£1.00 GBP = 1.9490 AUD

£1.00 GBP = 2.0810 NZD

£1.00 GBP = 1.7205 CAD

£1.00 GBP = 1.1140 CHF

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