This morning sterling is back at – or close to – its highest rate for nearly two years against the euro, and around 2-3% stronger that this time last month against all of its main rivals. Indeed, GBP/EUR has only been kept off its highest since before the referendum by a couple of strange days in mid-February 2020.
Why not give your trader a call right now on 020 8108 5163?
If you’re wondering why the pound hit €1.20 in mid-February 2020, by the way, it was a mixture of poor data from the eurozone with disappointing growth and forecasts, plus Rishi Sunak taking over as Chancellor. The markets expected higher government spending, with Sunak believed likely to be a ‘puppet’ of Boris Johnson and Dominic Cummings. Well at least they got the government spending bit right.
It all goes to show what the markets know, as Covid-19 was already well established by then and a month later the pound was at €1.06 and $1.15.
Enough ancient history. There is very little on the data front this week, and while Omicron continues to rampage the pound is in terrific health against the euro, US dollar (a 9-week high) and every other major currency.
To lock in today’s rate, do call your trader on 020 8108 5163.
