Earlier today (07/04) the Pound hit its highest level against the Euro since the 24th February briefly touching interbank 1.1410 before settling in the mid-high 1.13s. The Pound is also trading above 1.51 against the US Dollar.
With the upcoming general election and the prospect of a hung parliament there is still much uncertainty about the future direction of the Pound. Many analysts continue to suggest that the Pound will likely fall back below 1.50. Whilst any GBPEUR trade above 1.12 has been proven to be good value if you look at the range over the past 6 months which has seen a range of 1.06- 1.16 on the interbank market. In fact in only 2 of the last 6 months has the GBPEUR rate been higher than its current rate.
There is a raft of UK and EMU economic data due to be released tomorrow including both The Bank of England and European Central Bank meetings. Therefore, you may deem it appropriate to secure a rate.
If you would like to discuss any upcoming foreign exchange requirements or the information contained in this blog in more detail, please do not hesitate to contact the dealing team.