Pound v Euro stagnates at 1.20 mid-market level..
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| A common question we ask prospective customers is - "How long have you been following.." whatever their specific currency pair is, to be able to answer any question along the lines of:
"Is now a good time to exchange?"
"How is the Pound doing?"
"What would you do if you were me?"
Often, looking back is how best to forecast forward when something is not in your control. For nearly 3-weeks now, GBP v EUR has barely moved and there are many reasons why that has happened (including a lack of liquidity due to the time of year).
But for those of you reading the headline in a negative way (£-€ stagnates at 1.20), you need to be aware of where this pair has come from to know just how positive the current levels are.
- £-€ is just 1% away from its pre-brexit peak
- Sterling has gained 2% in the last 2-months versus the Euro
- This time last year, £-€ was trading at 1.16
- 2-years ago to the day, it was 1.14
- Sterling v Euro is 12% above the pandemic crash
Current levels are extremely favourable for £-€ when compared to any point in the last 9-years. If you are new to the market and/or are hoping or expecting the exchange rate to go higher from here, understand first where the exchange rate has been, before letting hope take over.
That's not to say £-€ won't improve from here, I fully expect it to at some point this year, but comparing how high it can go versus how low it can go should be a concern for those waiting for better without protecting themselves at the same time.
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| Expected mid-market ranges for January 7th 2025 | | |
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| On this day - |
In 1610, Galileo Galilei discovers the first three moons of Jupiter
In 1714, the typewriter is patented by Englishman Henry Mill
In 1953, US President Harry Truman announces the development of the hydrogen bomb
In 2018, snow falls in the Sahara desert
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