The pound to euro exchange rate can be hugely impacted by events going on in the UK and world.
Last week, the strength of the sterling changed immediately after the elections took place on Thursday May 6.
It was also impacted by the Bank of England’s Monetary Policy Committee, which took place on the same day.
Michael explained those events caused the sterling to go down.
On Friday, Michael commented: “Sterling lost ground, modestly, against the common currency, despite a bullish set of forecasts from the Bank of England, as a ‘buy the rumour, sell the fact’ trade played out.