Big day for Pound to Euro rates – Eurozone Interest Rate decision
Today is a key day for financial markets with the latest Eurozone Interest Rate decision. For those unfamiliar, the European Central Bank (ECB) is the central bank for the Eurozone and meets today to discuss interest rate policy.
With sterling trading at its strongest in 2024 against the Euro, now is a very important time to be tracking levels. Today’s news has real potential to either upset the current trend or extend it further. If you are buying or selling Euros, this is arguably the key release of January. Speak to me to learn more by emailing jonathan.watson@lumonpay.com
We like to keep abreast of interest rate developments in the currency world because they are often one of the biggest drivers of currency movement. Typically speaking, higher interest rates mean a stronger currency. Lower interest rates mean a weaker currency.
Whilst the ECB is not forecast to cut interest rates until June, the currency markets might be predicting a cut sooner. Why is this? Well, yesterday the IFO (a respected German forecaster) lowered its German economic growth forecast for 2024 from 0.9% to 0.7%.
And the eurozone PMI (Purchasing Managers Index) data, also released yesterday, showed a bigger decline than expected. We did mention on Monday this PMI data could prove telling on GBPEUR levels, and so it was yesterday.
As we approach the ECB decision at lunchtime today, the currency markets, and financial markets in general, will be eagerly poised to see the interest rate decision at 13.15, and the Press conference at 13.45, both UK time.
The pound is currently trading at its strongest in 2024 against the Euro, above the forecasted averages. And it is less than a cent off the highest levels seen in the summer of 2023. To get higher than this, you would need to go back to July 2022.
Our expert team is waiting to hear from you, to guide you through this key piece of FX and financial market news, and help you to make informed decisions.
Source: https://www.poundsterlingforecast.com/2024/01/big-day-for-pound-to-euro-rates-eurozone-interest-rate-decision/
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