The pound sterling took a bit of a nosedive from the heady heights of the €1.19 rate that was extant last month. Sterling fell to just over €1.16.
Reasons for the weakening of the British currency against the euro are mostly tied up with interest rate moves by the Bank Of England.
A quarter of a percentage point move in interest rates is enough to shift the dial on the currency, especially when the European Central Bank is holding more firm on rates. Expect more ups and down both on the currency rates side and on the interest rates side.
