The Pound Sterling Exchange Rate was in the region of 1.1727 against the Euro as of 10:17 am
Bank of Canada governor Mark Carney may want to reconsider whether he wants to move to a nation which serves horsemeat to its unwitting populace disguised as lasagne, but for the moment he still intends to take up his role of Governor of the Bank of England in July.
Carney’s previous assertion, that central bank’s could do more to boost their nation’s flagging economies, led many industry experts to believe that he would significantly alter BoE policy when he takes the reins. However, after yesterday it seems that that may not be the case.
Sterling was able to post significant gains after investors were reassured that rather than instigating a dramatic policy overhaul Carney intends to combine a more fluid approach to the inflation rate target with fiscal guidance.
Carney stated: ‘Flexible inflation targeting – as practiced in both Canada and the UK – has proven itself to be the most effective monetary policy framework implemented thus far. As a result, the bar for alteration is very high.’
The attitude of the future BoE governor allowed the Pound to advance on the Euro for a third consecutive day, leading it to its best weekly gain against the common currency for 24 months. Sterling’s rebound was aided by comments made by Mario Draghi, the President of the European Central Bank. Draghi triggered weakening in the Euro yesterday by stating that the current strength of the common currency was a real threat to Eurozone inflation and growth.
The British currency also posted gains against the US Dollar, heading for its first weekly advance for a month, despite the ‘Greenback’ broadly strengthening as a result of marketplace risk aversion.
Current GBP Exchange Rates
The Pound Sterling to Euro exchange rate is currently trading at 1.1727
The Pound Sterling to US Dollar exchange rate is currently trading at 1.5740
The Pound Sterling to Australian Dollar exchange rate is currently trading at 1.5234
The Pound Sterling to New Zealand Dollar exchange rate is currently trading at 1.8811
The Pound Sterling to Canadian Dollar exchange rate is currently trading at 1.5716
The Pound Sterling to Emirati Dirham exchange rate is currently trading at 5.7746
The Pound Sterling to Swiss Franc is currently trading at 1.4431
The Pound Sterling to Japanese Yen exchange rate is currently trading at 145.5600
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