The pound rocketed on Wednesday, striking a new six-week high against the US dollar amidst renewed hopes for a UK-EU Brexit trade deal.
Here’s what you need to know about EUR/GBP currency transfers
If you’re living in the Eurozone and need to send money back to the UK, you’ll need to secure the best euro (€) to pound (£) exchange rate to make your funds go further.
EUR/GBP exchange rate facts
In the early 90s the EUR/GBP exchange rate was kept within a limited range by the Exchange Rate Mechanism (ERM). However, the UK crashed out of this on ‘Black Wednesday’ (September 16th 1992) and since then the pairing has seen considerable peaks and troughs.
- The EUR/GBP exchange rate came within three pennies of parity on December 31st 2008 after rising to £0.9777.
- Since the UK voted to leave the European Union on June 23rd 2016, the euro has risen against the pound to trend at its best levels in around seven years.
- The lowest EUR/GBP rate of the last ten years was recorded during the financial crisis, when the pairing was at £0.6933.
- On average, EUR/GBP currency transfers account for 2% of all foreign exchange transactions.
Euro and pound Sterling currency information
The euro is often called the ‘common currency’ or the ‘shared currency’, because it is used by 19 different countries. All member nations of the European Union, barring Denmark and the exiting United Kingdom, are obligated to join the euro eventually when they meet certain criteria. The pound, meanwhile, is often referred to as ‘Sterling’.
The UK uses a combination of plastic and paper money, with notes in denominations of £50, £20, £10 and £5. Coins come in denominations of £2, £1, 50 pence, 20 pence, 10 pence, 5 pence, 2 pence and 1 penny. The Bank of England (BoE) issued a new design of £1 coin on the 28th of March 2017 that features twelve sides.
GBP/USD exchange rate movement
The euro and the pound are both heavily influenced by political news and domestic data from the Eurozone and the UK respectively.
The EUR/GBP pairing has also experienced notable volatility since the UK voted to leave the European Union in 2016, a move which is liable to affect the economies of both nations.
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