The Euro has reached a 6-month high against the Pound.
This is after last week’s Bank of England interest rate hike.
The 0.25% rise brings interest rates to a 13-year high, to combat rising inflation.
The warning that inflation could soar to 10% was more of a surprise.
As a result, the Pound took a hit.
The Pound is looking vulnerable, with signs that the UK economy is starting to slow.
On the other hand, the US economy is fairing much better.
There’s also a 5-year high for the US Dollar against the Euro.
It’s a chaotic time economically and politically in the UK and beyond.
This has made the currency markets particularly volatile.
If you want to make a currency transfer soon, it could pay to discuss it with your account manager.
If you have a currency transfer in mind, click below to get a free quote or call 01872 487 500.
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Have a great day, Geoff Lambourne - Direct Dial me on 0044 (0)1872 487 470.
Current rates:
Thursday 11th May 2022 at 10:25
£1.00 GBP = 1.1721 EURO
£1.00 GBP = 1.2382 USD
£1.00 GBP = 1.7660 AUD
£1.00 GBP = 1.9514 NZD
£1.00 GBP = 1.6046 CAD
£1.00 GBP = 19.8116 ZAR
How to Save Money on your foreign currency transfers