The pound traded in a wide range over the past month, as concerns that the UK may face a ‘winter of discontent’ were offset by rising speculation that the Bank of England (BoE) could start hiking interest rates by the end of the year.
Pound to euro (GBP/EUR) exchange rate international money transfers
The pound (£) to euro (€) exchange rate allows you to send money from the UK to a bank account within the Eurozone. Everyone from overseas retirees, aspiring expat families and young professionals heading to countries like France, Spain and Germany has a need to make GBP/EUR international money transfers.
Key pound to euro exchange rate facts
Since September 2007 the GBP/EUR exchange rate has traded between lows of €1.0227 and highs of €1.4485.
Don’t forget! These are interbank exchange rates.
- Between October 1990 and September 1992 the UK was part of the European Exchange Rate mechanism, which required the GBP/EUR exchange rate to remain within a fixed range
- The pound fell to its weakest rate against the euro on September 15th 2008, when it was reported that Lehman Brothers had collapsed.
- Sterling climbed to its highest levels of the past decade in 2015 as fears that Greece would ‘Grexit’ from the EU left the euro struggling.
Pound and euro currency information
The pound is often referred to as ‘Sterling’, while nicknames for the euro include the ‘common currency’ and the ‘shared currency’. Euro notes are available in denominations of €200, €100, €50, €20, €10 and €5. There is a €500 note in circulation, although the European Central Bank (ECB) decided to end its production and will stop issuing it around the end of 2018.
USD is one of the world’s most stable currencies, so its value often changes depending upon how uncertain the market feels about global political or economic factors. Meanwhile, GBP is very sensitive to domestic political events and economic data. These variables all affect the amount you receive when making a pound to US dollar currency transfer.
Euro coins are available in denominations of €2, €1, 50 cents, 20 cents, 10 cents, 5 cents, 2 cents and 1 cent.
GBP/EUR exchange rate movement
Both the pound and euro are highly influenced by political events and domestic data from their respective nations. The 2016 UK Brexit referendum hammered Sterling lower against the euro, causing the worst period of weakness for GBP/EUR since the 2008 financial crisis.
Specific issues, like the UK’s Brexit negotiations with the European Union and the Federal Reserve’s attitude to interest rates have had a substantial impact on pound and US dollar exchange rates in recent years.
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The pound traded in a wide range on Wednesday, as a weaker-than-expected inflation reading raised questions over whether the Bank of England (BoE) will hike interest rates next month.