Pound touches 16-month highs against Euro

The Pound has hit a stumbling block this week after underwhelming UK inflation data.

This is another surprise for forecasters as many predicted the Pound to see further gains from the latest CPI data.

Before the inflation news, the Pound was choppy vs the Dollar, but against the Euro, we saw the rate hit 16-month highs, beating anything seen in 2023 and the highest so far in 2024.

Following the report…

GBP / USD has seen the biggest impact, dropping to its second-lowest point of 2024.

This week saw positive inflation reports for the US. A double whammy for the Pound.

For GBP / EUR, despite the drop, the rate is still 2% higher than the previous 200-day rate average.

Elsewhere, it’s a similar story, the Pound has seen drops vs NZD, AUD, and CAD after the UK inflation news.

So what next, what should you do?

What’s next? Talk of interest rate cuts by the BoE has ramped up.

Increased pressure on the Pound could be coming in the summer months.

If you would like more market updates or to discuss current trends, a member of the trading team is just a call away on 01872 487 500.

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Current rates: 

Thursday 15th February 2024 at 11.30

£1.00 GBP = 1.1700 EURO

£1.00 GBP = 1.2555 USD

£1.00 GBP = 1.9325 AUD

£1.00 GBP = 2.0625 NZD

£1.00 GBP = 1.6990 CAD

£1.00 GBP = 1.1085 CHF

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