GBP, EUR & USD Currency NewsMarch 10, 2017 10:24 am
News around the UK’s spring budget came out yesterday which had a positive effect on the GBP initially but it has been pushed lower against EUR and USD since. The chancellor had also announced that they are putting £300 million into emerging technologies such as 5G mobile data, which should make investing in the UK more attractive to many companies. The GBP still however continues to be a weaker currency against the EUR and USD. The GBP/USD rate has not been 1.7 since 2014, the currency has steadily fallen since then. Some forecasters say this is because the GBP was rated too strong in the first place and it has now levelled out.
The European Union has said that Britain will pay up with it leaves. Talks regarding how much the UK will have to pay to leave are currently being dealt with and the final piece to the puzzle. The EUR currency has gained strength on its own as the EUR economy continues to grow and give out positive media messages. The EUR/GBP saw it shoot up to 0.8700 this past week which is the highest it has been since early last month.
Oil prices have dropped and as a result stock markets have dropped too. US oil inventories had experienced a surge in the supply over the past week of eight-million barrels. This caused the price to fall to $50 per barrel. The currency however is increasingly gaining strength against the GBP and has been since last year’s announcement of the Brexit result. The USD is the strongest it has been since 2014 seeing it strength against both the GBP and EUR. Will the currency weaken over the next few years with Trump in power? We will keep you posted!Tags: gbp to eur exchange rate, gbp to usd rate
Categorised in: News
This post was written by Kayleigh Driscoll