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Pound plunges on inflation news
UK inflation has come in lower than expected.
As you would expect, the Pound has taken a beating across the board.
A lot of the Pound’s strength in 2023 has come from interest rates hikes. Even more were expected.
But that, of course, depends on inflation.
If UK inflation falls, the Bank of England will hit pause (they’ve already raised rates 13 times).
More recently, we’ve found the European Central Bank has been more hawkish than the Bank of England.
It makes sense – the UK base rate is 5% vs 3.5% in the EU.
They’ve got some catching up to do.
What that means is the Euro could outperform the Pound over the coming months.
The picture is less clear with the US Dollar because there’s already talk of rate cuts in the US.
So what next, what should you do?
As always, plenty of ups and downs in currency markets.
If you have an upcoming requirement, please do get in touch to discuss the latest trends.
Call us on 01872 487 500 to speak to a member of our team.
To find out the latest exchange rates, click below.
Benefits of using Key Currency:
- Great exchange rates
- Quick and easy transfers
- No transfer fees
- Expert help and guidance
- Authorised by the FCA
Current rates:
Wednesday 19th July 2023 at 10:30
£1.00 GBP = 1.1524 EURO
£1.00 GBP = 1.2950 USD
£1.00 GBP = 1.9117 AUD
£1.00 GBP = 2.0720 NZD
£1.00 GBP = 1.7056 CAD
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Want to Learn More?
- We have created a selection of Free PDF Guides for you to download covering many aspects of buying property abroad, visit our PDF Guides Page today or download our "Buying A Property in France" Guide PDF document.
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Want to Live in France Post-Brexit? download our "PDF Guide to Living in France Post-Brexit" document.
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How to Save Money on your foreign currency transfers
- Key Currency can save you money by offering more competitive rates of exchange than your bank.
- Clients can typically save you 3-4% of the total transaction value, which can result in significant cost savings.
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