Sterling is currently trading at its lowest level against the euro since December 2014.

Two key factors are driving this volatility. Sterling weakness, born out the uncertainty over the outcome of the in/out EU referendum, and strength in the euro which has rallied since early December 2015, when the European Central Bank (ECB) announced plans to introduce further stimulus to tackle low inflation and boost the Eurozone economy.

The euro has become a ‘safe haven’ currency for investors who believe that the President of the ECB, Mario Draghi, will stay true to his pledge to do “whatever it takes” to protect the Eurozone from collapse.

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* Information courtesy of Currencies Direct
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