| UPDATED: 11:09, Fri, Mar 12, 2021
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The pound to euro exchange increased yesterday for the fifth day in the row, rising to 1.1678 against the euro yesterday morning. However, there has been little change since.
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But this morning sterling remains just below the 1.17 mark against the euro.
Pound euro exchange rate: The pound is trading at 1.1678 against the euro (Image: Bloomberg) The pound continues to benefit from the UK’s impressive covid vaccination programme and hopes that it will lead to a faster economic reopening.
“Today’s calendar is rather quiet for the cross, meaning that near-term momentum will likely be continued towards a test of the 1.17/1705 region that marked the cycle high a fortnight ago.”
George Vessey, UK Currency Strategist, Western Union Business Solutions, also shared his insight.
“Central banks like the US Federal Reserve and the Bank of England have downplayed the rise in bond yields thus far, whilst the European Central Bank (ECB) is likely to at least verbally intervene, or possibly increase asset purchases this Thursday to cool the bond market rout, he said.
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“Last week, the British Pound suffered its worst week against the US Dollar this year as the world’s reserve currency gained momentum across the board, said Vessey. Sterling could fall further against the dollar but may climb higher against the Euro in the short term. Bank of England Governor Andrew Bailey has so far not intervened in the bond market turmoil despite 10-year UK yields having quadrupled this year. Policymakers view it as a natural reaction given the UK’s lead in the global vaccination race, which has also been GBP constructive. Sterling could fall further against the dollar but may climb higher against the Euro in short term (Image: Getty Images)
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