If you’re planning a trip to France it might be worth getting to grips with currency before you go. The timing of your currency transfer can make a huge difference to your budget.
Here’s a quick update on the current GBP / Euro situation:
Sterling reached its highest level for three months on Wednesday against the euro, before falling back sharply to where it started the day.
If that sentence gives you a sense of déjà vu it’s because that’s been the pattern for the past eight weeks now, trying to get over the €1.17 level but then falling back.
It all makes a fascinating graph for currency geeks but is frustrating for those just looking for that final GBP/EUR break out before making their currency exchange or fixing their rate.
It might never happen. We’ve been seeing a lot of rainbows in the south of England this summer and waiting for the pound to take off looks like chasing them.
One can always find a website or big-bank analyst claiming that the pound is about to strengthen, but the empirical evidence is that they don’t know any more than you or I.
What we do know is that the pound is currently around its strongest level for five years, powered upwards by the UK being ahead of the game on vaccines compared to the Eurozone, and freed for the moment from post-Brexit anxiety.
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