Weekly market headlines:
We saw some real movement in the GBP to EUR exchange rate last week, with the pound slipping to its lowest level against the euro since November 2023 before recovering some ground. Looking ahead, it’s set to be another busy week on the currency markets and it could affect how far your money goes if you’re planning to send funds abroad.
💡What’s driving the market?
UK interest rate expectations:
- With signs of weakness in the UK jobs market, there’s a strong chance the Bank of England could cut interest rates on August 7th. If rates are lowered this could cause movement for the pound.
European Central Bank (ECB) decision this Thursday:
- While the ECB is expected to hold rates steady, any signals of future changes could cause euro volatility, especially versus the pound and US dollar.
UK retail sales (Friday):
- A key health check for the UK economy, which could add further movement to pound rates depending on how the numbers come in.
If you’re planning a transfer this week, whether it’s a property payment, investment, or sending money to family speak to a Lumon currency specialist today. Call +44 (0)204 506 5672 to explore your options.
