Pound plunges on inflation news
UK inflation has come in lower than expected.
As you would expect, the Pound has taken a beating across the board.
A lot of the Pound’s strength in 2023 has come from interest rates hikes. Even more were expected.
But that, of course, depends on inflation.
If UK inflation falls, the Bank of England will hit pause (they’ve already raised rates 13 times).
More recently, we’ve found the European Central Bank has been more hawkish than the Bank of England.
It makes sense – the UK base rate is 5% vs 3.5% in the EU.
They’ve got some catching up to do.
What that means is the Euro could outperform the Pound over the coming months.
The picture is less clear with the US Dollar because there’s already talk of rate cuts in the US.
So what next, what should you do?
As always, plenty of ups and downs in currency markets.
If you have an upcoming requirement, please do get in touch to discuss the latest trends.
Call us on 01872 487 500 to speak to a member of our team.
To find out the latest exchange rates, click below.
Benefits of using Key Currency:
- Great exchange rates
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- No transfer fees
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Current rates:
Wednesday 19th July 2023 at 10:30
£1.00 GBP = 1.1524 EURO
£1.00 GBP = 1.2950 USD
£1.00 GBP = 1.9117 AUD
£1.00 GBP = 2.0720 NZD
£1.00 GBP = 1.7056 CAD
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