GBP Rates Fall Against the Euro

Pound exchange rates up following positive Brexit news

Sterling exchange rates followed yesterday’s gains with a disappointing day today losing ground against the Euro by nearly 1 cent even after UK PPI data came out better than expected, a result which would normally give the pound a boost. Sterling’s losses appear to be caused by investors backing Europe to raise interest rates at a faster pace than the UK, I also believe the Portuguese bailout leaving the UK potentially out of pocket to the tune of €3bn will have detrimental affects on the short term value of sterling.