As predicted the Pound to Euro exchange rate has continued to remain flat during today’s trading session with economic data thin on the ground at the moment.
Likewise tomorrow there is little economic data due to be published so the movement of the week for Sterling exchange rates is likely to come on Wednesday when we have the latest release of UK unemployment data combined with UK Average Earnings at the same time.
Unemployment for the UK has been very positive in recent months but the real issue for the UK at the moment is that of inflation which is on an upwards trend at the moment. If Average Earnings show a fall then this impacts upon consumers pockets as the cost of living goes up.
On Wednesday Eurozone Industrial Production is released and I think this could cause some big movements for GBPEUR exchange rates when all this data is combined on Wednesday morning so if you’ve got a currency transfer coming this week then keep a close eye out for what happens this week.
Ultimately although we may see some gains for the Pound for the Euro in the short term I think the Pound will continue to struggle against both the Euro and the US Dollar as the issue of Brexit will continue to weigh heavily on the Pound.
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