It was a quiet day on the markets for GBP/EUR with rates holding above 1.21. The EUR has found some support around the current levels, after early week loses. The single currency had threatened to make inroads against its Sterling counterpart following Mark Carney’s statement last week, where he announced that UK interest rates were likely to stay on hold for the foreseeable future. This statement seemed to dampen market expectations and the Pound dropped by almost 2 cents against the EUR.
However, these loses were quickly erased following the release of yesterday’s positive GDP figures and with a quiet week remaining in terms of economic data releases I do not expect any major swings before the release of next Monday’s Manufacturing PMI data.
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