Pound up on manufacturing data

The Pound has surged this morning against the Euro and Dollar, after UK manufacturing data was not as bad as had been predicted by analysts.

The Bank of England has, however, warned that we are yet to feel all the negative effects of higher unemployment in the UK.

Euro exchange rates are also being buoyed by the prospect of an interest rate cut by the European Central Bank tomorrow. In theory this should make sending Euros to France, for example, cheaper – but the better exchange rate is often priced in prior to the announcement.

Therefore, anyone needing to buy Euros might have a good opportunity today and tomorrow to secure slightly better rates than we have seen in the last week.