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Pound to euro exchange rate: GBP hits six month high thanks to optimistic Brexit news


The pound has boomed this week against the euro and succeeded in hitting a six month high as optimism concerning a Brexit deal helps sterling “retain the upper hand against the majors.”

A number of analysts have begun to make hawkish bets on a Brexit deal sparking a substantial rally in the pound.

James Athey, Money Manager at Aberdeen Standard Investments said: “A deal would mean the next two years would be under EU-equivalent conditions. It has the potential to trigger the sharpest appreciation in a long time.”

The European central bank (ECB) will be releasing an economic bulletin today, however, which could alter the exchange rate, experts have warned.

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The pound is currently trading at €1.148 against the euro, according to Bloomberg.

Laura Parsons, currency analyst at TorFX, spoke to Express.co.uk regarding the latest exchange rate figures.

“The pound retained the upper hand against the majors on Wednesday, holding above €1.145 against the euro and advancing all the way to $1.315 against a broadly weaker US dollar.

“However, if today’s economic bulletin from the European Central Bank (ECB) proves upbeat it could give the euro a little boost, taking the shine of GBP/EUR in the process.”

The pound hit a four month high on Tuesday. The increase in value against the euro came as Brexit Secretary Dominic Raab, 44, responded with a “thumbs up” when quizzed about the outcome of a crucial Brexit cabinet meeting at Downing Street.

Raab and other cabinet Brexit supporters are believed to be supporting the plan to quit any proposed Irish backstop with a few months notice.

Pound to euro exchange rate: Pound hits four month high as Brexit optimism rises (Image: Getty Images)

After Raab was spotted leaving the meeting, BBC’s Political Editor Laura Kuenssberg tweeted: “‘Thumbs up’ – says Raab on his way out of cabinet.”

Over in Europe, French President Emmanuel Macron, 40, has annoyed euro investors by calling for the establishment of a “real European army.”

Macron said it was crucial to combat external threats – such as those from Russia, China and the USA – as well as threats closer to home.

The President told Europe 1 Radio: “We won’t protect Europeans if we don’t decide to have a real European army.

“We must have a Europe that can defend itself on its own without relying only on the United States.”

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Pound to euro exchange rate: The pound is currently trading at €1.148 against the euro (Image: Bloomberg)

Pound to euro exchange rate: Yesterday, markets mostly focused on the fallout from the US elections (Image: Getty Images)

How to get the best exchange rate
Sun, July 15, 2018
Exchange rate: How to get the best deal on your holiday money.

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How to get the best exchange rate

Yesterday, markets mostly focused on the fallout from the US midterm elections.

Analysts predicted a split Congress could see the dollar fall further, with Democrat gain seen as a rejection of President Donald Trump and his policies which have boosted corporate growth.

Earlier losses were extended with the dollar now down 0.6 per cent against other major currencies as a new 12-day low.

Meanwhile, travellers heading to the airport should be aware of the clever trick some airports use to make passengers spend more money. With airport food and drink already being rather pricey, it comes as a shock for frequent fliers.

Dallas Fort Worth Airport in Texas installed new glass windows near some of their departure gates.

The “smart glass” filters out the sun, reducing the heat and the glare and making passengers more comfortable. Yet a side effect of this is passengers then spending more money on the food.

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