The pound strengthened on Monday, supported by political turbulence in France and Japan, reaching its highest level against the euro in nearly four weeks.
The pound strengthened on Monday, supported by political turbulence in France and Japan, reaching its highest level against the euro in nearly four weeks.
The pound inched closer to its highest level against the euro since Brexit as ongoing struggles in major European economies weighed on the single currency.
The pound has climbed to its highest level against the euro in two and a half years, driven by expectations of interest rate cuts to bolster the struggling European economy.
The pound dipped to its lowest against the euro in five months, triggered by concerns about the UK economy following a decline in retail sales.
With the Bank of England predicted to continue increasing interest rates, the pound has surged and is now recognized as the best-performing currency among developed economies this year.
The UK economy has rebounded into growth territory, according to the latest S&P Global PMI survey findings, which suggests that the country will easily avoid a recession.
As the European Union focuses on renewable energy sources to replace Russia’s energy supply, the amount of electricity generated from fossil fuels is expected to plummet.
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