Pound hits 13-month high versus the euro, may climb higher in March – Sterling’s winning streak against the common currency goes on!
The pound hit 1.2258 against the euro in February, its highest in 13 months, or since January 10th 2013.
Overall, the pound has climbed +2.15% since the start of this year, and a £250,000 transfer to France would be worth +$6,450 more than on January 1st.
Moreover, sterling could rise further against the euro in March. Here’s why:
1. Sterling may climb, because UK manufacturing hired people at the fastest pace since May 2011 last month.
2. The pound may rise, because UK factories are producing +50.00% more cars now than in 2009.
3. Sterling may strengthen, because UK mortgage approvals jumped at the sharpest pace since November 2007 in February.
4. The pound may lift, because the UK is “the fastest-growing major economy,” according to Bank of England chief Mark Carney.
5. Sterling may get a boost, because it’s “not unreasonable” that UK interest rates will rise in early 2015, says the Bank of England’s Ian McCarthy.
Given all this, look for the pound to continue to climb against the euro in March!