Sterling has continued to recover against other currencies today, including a decent rise against the Euros. A few days ago rates were down at €1.29, but today have peaked at €1.3265 before settling back down in the low €1.32’s:
Financial markets are still reacting the news yesterday from the European Central Bank and their hints at further stimulus. Oil prices are up, US and EU stocks rose, and the Pound has continued to gain against other currencies.
Will it continue? Impossible to predict of course. I’m hearing from some quarters that the Euro will continue to weaken due to the ongoing stimulus, which taken alone would cause the GBP/EUR to rise again. If however markets open again on Monday and the Srecent trend of oil prices dropping returns, then we could see a return to the Pound falling away again. So this could well be a temporary spike. My view is it’s not a reversal of the trend, and for those that need to buy Euros, consideration should be given to locking something in while it’s above €1.30.
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