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GBP now the best performing G10 currency of 2024

Feel good factor back for the British Pound after weeks of no movement..

Sterling has reached fresh highs this morning versus both the Euro & USD. £-€ is now at the second best time to exchange since August 2022 and £-$ is now at the highest it has been since August 2023. Sterling sellers with trades in the pipeline, what are you waiting for?!

The Euro has come under pressure this week as traders have bet that the ECB will cut its interest rate this Spring. This has come on the back of two things that were said at the ECB meeting yesterday..

Firstly, the Euro-Zone is well on the way to hitting the ECB's 2% inflation target. 2.3% is projected at the end of this year and below 2% in 2025. To stimulate the stagnant EU economy, the ECB may move faster than most first thought seeing as inflation looks under control.

Secondly, the Governor of France and ECB Council member Francois Villeroy said yesterday "It seems very probable that there will be a first rate cut in the Spring. Spring goes from April to June". These comments has got everyone excited and the Euro has been devalued because of them. 

Over in the US, the jobs market is slowing and wages are coming down, which is something the Fed wants to see before cutting interest rates. Fed Chair Powell gave his testimony to Congress this week and suggested that 'the Fed are waiting to be more confident that inflation is sustainable around 2%' and 'we're not far from that point'. June is the bet on money markets currently..

An exchange of £100,000-€ is currently up €3,000 over the last 4-months.

An exchange of £100,000-$ is currently up $7,000 over the last 5-months.