Sterling Exchange Rates Rally

GBP EUR Exchange Rate: Weekly Review July 16  

GBP exchange rates have rallied today in a trend very much against the the recent trading conditions the market has been experiencing. Much of the movement can be attributed to the much better than expected PMI (Purchasing Managers Index) figures released at 09:30 this morning. PMI data came in at the best in over a year and indicated towards solid first quarter GDP growth giving impetus to an earlier interest rate hike in the UK than many had expected.

This led to the pound gaining over 1 cent against the Euro and creating some potentially good buying levels with the key UK and European Interest Rate meetings on Thursday at 12 and 12:45 respectively.