Sterling on the up against the Euro

Pound to Euro Gains After Weaker German Retail Sales

The pound has slightly risen in what has been a very flat start to the week for GBP/EUR exchange rates. There was a raft of data out for the UK this morning starting with mortgage approvals which showed a retraction and less than what the markets were expecting. Then all the inflation figures were released showing our rate of inflation is at 1.7%  now below the Bank of England target of 2%. This all gives the BoE more room for manoeuvre for keeping interest rates at the current level.

With rates now at 1.1975 tomorrow there is the release of consumer confidence in Germany and then at the end of the week things could get interesting with the growth figures for the UK out. Should this be positive and show signs of growth I would expect GBP/EUR to break through 1.20.

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