Sterling Update: Holding Rates Steady

Sterling Update: Holding Rates Steady

Here’s the latest currency news from our partner Moneycorp, to help you find out what your money is worth.

The Bank of England and the European Central Bank both opted to hold rates steady in their policy meetings yesterday. Although the outcome was the same as the Federal Reserve the day before, the sentiment behind the decisions was markedly different.

Whereas the Fed’s market-moving comments from Jerome Powell suggested interest rate cuts were coming “into view”, his counterparts in Europe were more cautious. Their statements seemed to imply rate cuts were not yet on the agenda, with ECB President Christine Lagarde saying, “We should absolutely not lower our guard,” and Bank of England Governor Andrew Bailey reiterating monetary policy would remain restrictive for some time yet. What was perhaps even more insightful into the Bank of England’s stance was that three of the nine policymakers voted to raise rates again.

Sterling reacted positively to the news, extending earlier gains and hitting the highest level since August. After Lagarde’s comparatively hawkish comments, the euro also posted gains against the dollar.

Why Moneycorp?

With a Platinum Trusted Service Award 2020 from independent review site Feefo and 40 years of experience in the industry, FrenchEntrée has been recommending Moneycorp for more than 15 years. During this time they have helped thousands of client planning the best way to pay for their property as well as supporting them afterwards with any further payment from paying bills, mortgages to repatriating UK pension payments for those who have retired to France.

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Furthermore, we have worked with the same person at Moneycorp for more than a decade! You might be familiar with her as she often writes for our French Property News magazine. She has 13 years’ experience in foreign exchange, and is a qualified European lawyer with experience in European transactions. Mar will be happy to answer any questions or enquiries to support you through these difficult times

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