GBP/EUR rises above €1.12 after Bank of England meeting

The Pound has gained again today after the

Bank of England meeting. Only 2 members voted for a rate hike meaning rates have been left on hold at 0.25%. However, they gave hints and were much stronger in their talk of a rate increase, stating that it’s likely to happen in the coming months.

They said there was a stronger picture of a firmer housing market, retail sales and car sales. Also with inflation running at nearly 3%, it’s looking quite likely rates will now rise before the end of the year.

The reaction in the currency markets has been the Pound rising by over a cent against the Euro, with the chart below showing the big jump the moment the news came:

The Pound has now risen 4% in the last few weeks from lows of €1.0760 to where we are now, so a very welcome development for clients that need to buy Euros to purchase property in the Eurozone. We offer exceptional rates of exchange that are very close to the published mid-market level. If you have an upcoming transfer to make, then why not get a free quote to see if we can offer you more favourable terms than your bank or existing broker.

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