Sterling Update: Sterling volatility highs
Here’s the latest currency news from our partner Moneycorp, to help you find out what your money is worth.
Sterling (GBP) saw a slight recovery this morning following yesterday’s market movements, which had pushed GBP to its lowest levels in over two weeks against both the US Dollar (USD) and the Euro (EUR).
This decline was driven by unexpected comments from Bank of England (BoE) Governor Andrew Bailey, who suggested that the central bank might adopt a more aggressive stance on rate cuts. Bailey highlighted the recent trend of lower inflation in the UK and indicated that the BoE could become more ‘activist’ in its approach to monetary easing.
However, MPC member Huw Pill countered Bailey’s comments, giving the Pound a small bounce today. Pill hinted at a more cautious approach to reducing interest rates, emphasising that the MPC “needs to ensure that UK CPI inflation is kept at its 2% target on a credible, lasting, and sustained basis.” A 25bp cut has now been fully priced in by markets for November’s meeting.
Why Moneycorp?
With a Platinum Trusted Service Award 2020 from independent review site Feefo and 40 years of experience in the industry, FrenchEntrée has been recommending Moneycorp for more than 15 years. During this time they have helped thousands of client planning the best way to pay for their property as well as supporting them afterwards with any further payment from paying bills, mortgages to repatriating UK pension payments for those who have retired to France.
Furthermore, we have worked with the same person at Moneycorp for more than a decade! You might be familiar with her as she often writes for our French Property News magazine. She has 13 years’ experience in foreign exchange, and is a qualified European lawyer with experience in European transactions. Mar will be happy to answer any questions or enquiries to support you through these difficult times
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