It was a sad day for the United Kingdom yesterday, as the nation prepared itself for the death of Queen Elizabeth II, which was announced after the end of the business day.
Smart Currency Exchange joins the world in mourning the death of Her Majesty the Queen, and we send our sympathy to The Royal Family and to King Charles III.
We also reflect on the passing of a monarch whose face has graced our money for the past 70 years, through good times and bad, right through to the joy of the Platinum Jubilee in a blazing June. We will miss her.
Sterling strengthened over the course of yesterday against the US dollar, moving away from the multi-decades lows of the past week.
There was some movement in GBP/EUR but the pound ended where it began the day.
The European Central Bank raised interest rates by 75 basis points to 1.25%, in line with expectations but still its largest interest rate rise ever in a move, it said: “that will ensure the timely return of inflation to the ECB’s 2 per cent medium-term target.”
Early yesterday, the new British Prime Minister Liz Truss unveiled a price freeze on energy bills that will cost the economy £150bn over two years and save an average household £1,000 per year.
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