The pound was affected by new data yesterday. According to figures published by IHS Markit, activity in the UK’s factory sector appeared to pick up in December and struck a six-month high. The pound is currently trading at €1.105 against the euro, according to Bloomberg. Analysts have warned the improvement in activity would most likely be temporary as it was driven by businesses and individuals stockpiling before Brexit. Duncan Brock, Group Director at the Chartered Institute of Procurement & Supply said: “Though the overall index figure was higher than last month, this should be viewed with some scepticism. “Whilst the road to Brexit remains mired in the mud of indecision and disagreement, there is likely to be some correction in the sector this year as Brexit buffer stocks are depleted and overall output could fall.” The UK’s departure from the EU has had the strongest impact overall on sterling over recent months. The country is now facing … [Read more...] about Pound to euro exchange rate: Sterling trades close to euro as new data impacts GBP
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If you are heading on a European holiday this summer, it's likely you will need to buy some Euros. And with the value of the pound down by about 13% compared with two years ago, you're not getting much for your money. But there's still things you can do to make sure you are getting the best deal. Here's some advice. Should you buy before you go? Martin Lewis of Money Saving Expert says this depends on how you like to spend. Many people don't get currency before they go, and rely on using a card at an ATM once on their trip to get the local currency. This can often net you a great exchange rate, especially if you have a top overseas credit card. However, if you wait until you’re overseas, remember that you get the exchange rate when you spend. Ian Strafford-Taylor, the chief executive at Fairfx, says to plan well ahead of your holiday to get the best currency rate. Transferwise, a currency exchange, and Fairfx have free currency trackers, where you are sent an alert when the pound … [Read more...] about How to get the best Euro rate for your holidays
The UK is, President Trump kindly informs us, in turmoil. In Westminster, there is feverish talk of a leadership challenge. The economy is in a state of peak Brexit uncertainty. The trade deficit has worsened yet again. An increasingly bitter trade war is battering Britain’s FTSE-quoted commodity giants. In the past, sterling, as the barometer of the nation’s international standing, would have collapsed in value in such a crisis. Yet for the last year the pound-euro rate has never been more stable. On 11 July 2017, the foreign exchange markets gave you precisely €1.13116 for each £1. One year on – on Wednesday at just after 10am – the pound was trading at ... €1.13116. After a year of catastrophic Brexit negotiations and a UK economy that has slowed to a crawl compared to its neighbours, sterling is in exactly the same place. There was a wobble in August 2017, but since last September, sterling/euro has been held in a virtual straitjacket. It … [Read more...] about Pound’s unexpected robustness may point to underlying strength
This week’s European Union summit looks set to be another missed opportunity for pound bulls.The meeting of European heads of state this Thursday and Friday has been flagged for weeks by pound watchers as a key moment for the currency. But with EU leaders damping down expectations of progress on Brexit and the U.K.’s impending exit from Europe bumped to number four on the summit agenda, strategists now say sterling is unlikely to get meaningful impetus.“I don’t expect any kind of breakthrough at all,” said Scott Thiel, deputy chief investment officer for fixed income at BlackRock. “If we don’t get any clarity around what the government’s actual position is in terms of pushing this forward, we will continue to drift lower.”Investors face a difficulty in predicting which way the pound will be pulled by the conflicting forces of Brexit and Bank of England interest-rate hike expectations. Thiel continues to favor an options strategy on … [Read more...] about Pound Pundits Say Holding Breath for the EU Summit Is Futile
KNOWING the right time to buy your holiday euros can be tricky as the exchange rate goes up and down. Here's our guide to the current state of the market, and how to get the best price when you swap your cash. What is today's pound to euro exchange rate? This afternoon a pound was being traded for 1.134 euros, down around a tenth of a cent from yesterday. It means one euro is worth approximately 88p. The rate has remained relatively stable for the past two months following a more volatile period earlier in 2018. Sterling had dipped below 1.12 euros on March 7 and it reached almost 1.16 on April 17. Analysts said the market was static thanks to a range of factors including uncertainty over Brexit. News of Britain's stalling housing market was thought likely to hit the pound. But that was balanced by rumours of political divisions in Europe which are said to make it more likely the UK will get a bespoke trade deal. Last August the rate briefly plunged under 1.08 euros, the lowest for … [Read more...] about Pound to euro exchange rate – what’s today’s rate, where’s the best place to buy currency and what affects the price?