GBP/EUR hits 8-month high

GBP/EUR hits 8-month high

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The pound has climbed to its highest level against the euro since May 2020 on the back of improving global investor sentiment in the UK supported by further measures announced by Chancellor Rishi Sunak over the weekend.

This might not have been enough in previous months to reward sterling, but with the worry of a no deal Brexit now in the rear view mirror, an improved outlook on the UK economy and vaccination efforts across the country is paying dividends. 

This rise has come in the same week that inflation was revealed to have risen again in December, at a rate that outperformed expectations. However, at this unprecedented time, this isn’t enough to suggest any movement on interest rates or monetary action by the BoE, despite some noise around negative interest rates from Monetary Policy Committee members in the last week. 

 

 

 

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