Sterling charges ahead against major currencies

Following yesterday's interest rate decision from both the Bank of England and the European Central Bank, Sterling has begun a climb back up against a basket of major currencies by gaining almost a whole percentage point since yesterday afternoon.

Currently sitting at €1.15 against the Euro and $1.47 against the Dollar, Sterling has been noticeably very rocky over the past few months, with negative data becoming commonplace and the UK currency struggling more against the Euro and at one point, almost reaching parity.

Nick Fullerton, MD of FC Exchange comments: "We have not seen highs like this against the Euro since October 2008, when the Bank of England first started slashing interest rates, when it seemed that Sterling was the only major currency to take a pounding. However, now we can see that the Euro and US Dollar are also severely affected.

“The fact that the Bank of England was proactive in cutting rates yesterday, compared to the ECB’s stance of leaving the rate as it was, highlights that the UK is promoting pro-growth policies and is seen to be taking a stance to try and prevent Sterling getting knocked any further.”