Not only because it will mean less money in the system, but also because it will be a sign that the ECB thinks the eurozone economy can manage without so much support. The pound has been buying fewer euros since it fell sharply on 24 June 2016, the day after the UK voted in a referendum to leave the European Union. And whether you prefer sun, sand and sangria or meze, Metaxa and monuments, it can't have escaped your notice that the whole getting-away-from-it-all thing is a lot more expensive at the moment. This can only be a good thing for the UK, as people will return to work and the economy will start ticking over once more. Why Has Sterling Fallen so Much Against the Euro? In addition, the UK is set to release its latest Bank of England (BoE) quarterly bulletin. A lot has happened since, therefore this meeting could be significant. Privacy Notice and But other factors are also playing their part. However, when it became clear that Emmanuel Macron was likely to win, "a lot of the political concerns started to dissipate", says Mr Derrick. These are external links and will open in a new window. CTRL + SPACE for auto-complete. Copyright © 2020 MarketWatch, Inc. All rights reserved. Powered by Foreign Currency Direct plc. And the central bank’s level of discomfort tends to rise when the euro rises above the $1.15 mark. "The market has this expectation that at some point between now and the end of the year, the ECB will say something about further reducing the QE programme and as a result, the euro's been going up," says Mr Derrick. against the pound sterling since the beginning of the year. Essentially, that has meant huge amounts of euros sloshing around the system, keeping the value of the euro down. By using this site you agree to the The price of Brent Crude futures has fallen 0.96% to $55.76 a barrel. The pound is touching 10-month lows against the euro at the moment at 1.0981 euros. But the strong euro will start to hurt European companies when the economy returns to normal and world trade picks up. A key data release to look out for tomorrow is the European Central Bank’s Policy meeting accounts. It has also risen 7% EURGBP Forecast: Will Euros Continue to Become More Expensive? He concedes it's "possible" the pound could reach 1.05 to 1.06 euros before the end of the year. The UK have made it clear that they will not extend the trade talks past the end of the year, therefore the chances of crashing out of the EU have increased. This has seen it pumping 60bn euros a month into the eurozone economy, in an effort to bolster its performance. formId: "d1854117-c95e-4193-952a-77730be26b56" There's a flip side to the relationship, of course: what's happening to sterling. It holds the title as the second world reserve currency and is the official currency of 19 of the 28 member countries in the EU. Follow him on Twitter: @pierrebri. Since the onset of the crisis in Greece in late 2009, foreign exchange-traders have been forecasting that the euro will sink to dollar parity before becoming extinct.
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