...but they still have a lot of value to recover
Both currencies have depreciated over the year against the USD and have a long way to go before they recover all of their lost value.
The charts below from OFX show the Pound and Euro started their climb back in July 2022 but that has started to go sideways in August for the Pound. Both currencies could fall back again (depreciate against USD) if the US Fed raises its rates again in September, piling on more pressure for EU and UK importers paying for their goods in USD.
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