GBP/EUR levels dropped during Tuesday’s trading, despite a positive look to the release of the latest Bank of England (BoE) minutes. UK growth forecasts for the first quarter of 2014 were revised up from 0.9% to 1%. There was further good news following a survey from the CBI, which showed improvements in the Manufacturing and Construction sectors, as well industrial production.
Despite these positive reports GBP/EUR rates have fallen back below 1.2150 on the exchange during Tuesday afternoon trading. Personally I do not feel we are likely to see UK interest rates raised until at least the first quarter of 2015 and how much further Sterling can go against its EUR counterpart will be dependent on progress in the Eurozone and the BoE’s desire to see Sterling’s levels controlled.
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