Pound hits 2 ½ year highs against Euro.

Some big trends at the moment

Yes you read that right, the Pound to Euro has hit 2 ½ year highs against the Euro.

It’s a momentous move considering what’s happening.

With UK inflation now officially below the 2% target, the Bank of England is almost certain to cut rates in November and possibly December.

That is likely to weaken the Pound as the UK starts to close the interest rate gap with the EU.

Of course, the EU is expected to keep cutting too – but the UK has more scope to cut.

Pound to US Dollar is going the other way.

The GBP/USD exchange rate has just hit 2-month lows.

There’s a couple of reasons for this.

Firstly, the US Fed is expected to cut rates in a “slow and steady” fashion compared to more aggressive cuts expected in the UK.

Secondly, both polls and betting markets have swung towards a Trump victory in recent weeks. Trump’s economic policies are seen as more expansionary / inflationary, which is strengthening the Dollar.

We are now only 2 weeks away from US election day.

In terms of news this week, there’s a bunch of speeches scheduled from central bankers, including 3 from Bank of England members.

They tend to offer up clues on forward policy, so often move the markets.

Note also, we are also coming up to the October Budget.

That’s a risk event for the Pound as bad news is coming.

So what next, what should you do?

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Current rates:

Wednesday 22nd October 2024 at 10:00

£1.00 GBP = 2.0005 EURO

£1.00 GBP = 1.2990 USD

£1.00 GBP = 1.9445 AUD

£1.00 GBP = 2.1465 NZD

£1.00 GBP = 1.7970 CAD

£1.00 GBP = 1.1240 CHF

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