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Currency Market Update - Pound Jumps Up Again - 24.05.2023

Pound jumps up again on UK inflation

Higher interest rates are good for a currency.

UK inflation has come out higher than expected this morning.

While bad news for consumers, it’s good news for the Pound (and good for those of you looking to buy Euros when buying French Property).

The trend in GBP/EUR has been positive in 2023.

It’s been helped along by the UK’s high inflation rate and subsequent interest rate hikes.

Higher interest rates are good for a currency.

The markets have been pricing in an 84% chance of another interest rate hike at June’s meeting.

Inflation is still the big bad wolf in currency markets.

In Europe, the ECB President (Christine Lagarde) is determined to win the inflation battle.

“We will be courageous” she said this week.

It’s hard to tell the difference between courage and stupidity most of the time. Either way, the ECB’s tough stance will help to underpin the Euro over the coming months.

In the US, the debt ceiling drama continues.

While the odds are high things will get resolved, the consequences could be catastrophic if no compromise can be reached. For now, the US Dollar remains in limbo.

So what next, what should you do?

As always, new events lead to opportunities and risks.

Do get in touch with the Key Currency team regarding any upcoming payments.

We will be happy to assist and help make the most of your money.

Call us on 01872 487 500.

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Benefits of using Key Currency:

  1. Great exchange rates
  2. Quick and easy transfers
  3. No transfer fees
  4. Expert help and guidance
  5. Authorised by the FCA

Current rates: 

Wednesday 24th May 2023 at 11:30

£1.00 GBP = 1.1512 EURO

£1.00 GBP = 1.2380 USD

£1.00 GBP = 1.8852 AUD

£1.00 GBP = 2.0221 NZD

£1.00 GBP = 1.6780 CAD

  • Want to Learn More?

  • We have created a selection of Free PDF Guides for you to download covering many aspects of buying property abroad, visit our PDF Guides Page today or download our "Buying A Property in France" Guide PDF document.
  • Want to Live in France Post-Brexit? download our "PDF Guide to Living in France Post-Brexit" document.

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  • Need to Send Money Abroad?

    • At Clé France / Key Currency, many of our customers have a need for currency exchange.
    • We are pleased to offer our customers favourable exchange rates on international currency transfers.
    • As a Clé France website visitor, you qualify for preferential exchange rates when you transact through Key Currency.

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