British Pound Weakens as Euro Finally Gains StrengthOctober 6, 2015 2:48 pm
The Bank of England have still not raised interest rates in the UK this month, making the Pound extremely weak and once again falling to 1.35.
Since the recession in 2007 the currency markets have fallen considerably. Recent years have seen the GBP get stronger again, but due to no change in the interest rates we are not seeing a substantial gain on the currency.
The EUR gained some strength over the weekend from the Portugal election results. Prime ministers Pedro Passos Coelho’s coalition took 38.6% of all of the votes. It has helped the EUR to finally gain some strength against the other currencies due to positive results from the election which follows a tough year for the single currency.
The USD has faced losses since Monday and saw it fall 0.4% against the Euro. The reason behind this is a weak U.S. jobs report which caused traders to think expectations of a Federal Reserve rate hike won’t happen until at least early 2016. This came as a real disappointment to the US after a strong year overall for the currency.
Categorised in: News
This post was written by Kayleigh Driscoll