Find out all about the latest market moves and what this means for the sterling or euro in your pocket.
Earlier today the Bank of England announced at their quarterly inflation report that not only were they raising their forecasts for UK economic growth and inflation but they also indicated that UK interest rates may need to rise at a steeper pace than previously expected. This would reduce the risk of the economy overheating as the Bank of England sees the UK growing at a quicker pace than is sustainable.
In reaction to the Bank’s comments the value of the pound shot up ~1% against both the euro and the US dollar as markets are now pricing a 75% chance of a UK rate hike as soon as May.
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Today’s latest rates:
GBP/EUR: 1.13 EUR/GBP 0.865
GBP/USD: 1.35 USD/GBP: 1.41
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