Pound up against Euro, down on the Dollar
The Pound has looked a bit 'toppy' for a while.
Over the past few weeks, we’ve mentioned it hit highs against the likes of the US, Canadian, NZ and Australian Dollars.
These kind of runs tend not to last.
With UK inflation falling below expectations, it was a good enough excuse for the Pound to take a dip.
It’s become clear that Sterling’s strength has been largely based upon the expectation of more interest rate hikes.
You take that pillar away, and it’s a long way down.
In fact, as of yesterday the Pound has had 7 losing sessions in a row against the US Dollar.
The Pound’s trend against the Euro is almost counter-market at the moment.
Pound to Euro looks to be one of the few bright spots.
This week we have interest rate announcements from the Federal Reserve and European Central Bank on Wednesday and Thursday respectively.
Both are expected to hike rates by 0.25%.
Note, traders will focus more on what’s said about future hikes.
So what next, what should you do?
Plenty of movement in exchange rates at the moment, so please do keep in touch.
You can call us on 01872 487 500.
To find out our latest rates, click below.
Benefits of using Key Currency:
- Great exchange rates
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Current rates:
Wednesday 26th July 2023 at 10:30
£1.00 GBP = 1.1653 EURO
£1.00 GBP = 1.2904 USD
£1.00 GBP = 1.9093 AUD
£1.00 GBP = 2.0763 NZD
£1.00 GBP = 1.7044 CAD
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- Key Currency can save you money by offering more competitive rates of exchange than your bank.
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