Sterling exceeds 1.21 versus euro for 1st time since January 11th, 2013 as we update you with our monthly Euro currency update December 2013.
Sterling is on steroids!
The pound has reached 1.2115 against the euro today, its highest since January 11th, or more than 10 months.
By contrast, the pound was at just 1.1403 at its low point on August 1st. Hence, it’s now up by +6.24%.
To put this into context, a £250,000 transfer to France would hence be worth €17,800 more today than on August 1st.
(Please bear in mind, these are the interbank rates at the time of writing 2/12/2013. This means the exchange rates may have changed since then.)
Sterling may continue to climb
What’s more, the pound could strengthen further against the common currency. This is because:
1. Sterling may rise, because new orders arrived at the UK’s factories faster than any time since 1994 last month.
2. The pound may also climb, because the UK economy expanded +0.8% between July and September, the fastest pace since 2010.
3. The euro could decline meanwhile, since manufacturing output in both France and Spain fell in November.
4. The common currency may also weaken, because youth joblessness in the Eurozone hit an all-time record high of 24.4% last month.
Given this, the pound may rise even higher against the euro!
