GB Pound Turns Positive vs Euro & Dollar

News of the UK’s fall in borrowing didn’t result in much upward movement.

However, reports have recently been released stating that the UK economy is in growth territory in January.

At the same time, the Eurozone has seen reports of the opposite.

This has led to the Pound hitting its highest rate vs the Euro in 4 months.

Most expect the ECB to hold their interest rates again once it is announced this week. With this, the Pound could continue to gain vs the Euro.

As for GBP/USD, it has been a week of uptrend in favour of the Pound, surprising forecasters.

Many were waiting for negative reports on the UK economy, and the Dollar was the one tipped to see gains.

Goes to show how hard it is to predict these markets!

But with releases around US durable goods and GDP set to be announced over the next two days, changes could still occur.

Elsewhere, following weeks of gains for the Pound, GBP/NZD has remained choppy over the last 7 days.

New Zealand announced a fall in inflation from 5.6% to 4.7%. This seems to have helped steady the ship.

That’s all for this week.

So what next, what should you do?

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Current rates: 

Thursday 25th January 2024 at 10.00

£1.00 GBP = 1.1685 EURO

£1.00 GBP = 1.2730 USD

£1.00 GBP = 1.9325 AUD

£1.00 GBP = 2.0780 NZD

£1.00 GBP = 1.7190 CAD

£1.00 GBP = 1.0990 CHF

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