Sterling remains above 1.23 (Tom Holian)

GBP EUR Looks to Employment Figures for Support

Sterling Euro exchange rates have remained above 1.23 for the third day in a row as GDP figures out yesterday confirmed annual growth of 3.1% and quarter on quarter of 0.8%.

There was however a small drop for the Pound following Public Sector Net Borrowing which went up from £6bn to £9.6bn but owing to the strong data from the GDP figures this over-rode the negative data.

UK Retail sales earlier this week were the highest they’ve been in ten years and with UK unemployment at its lowest level since 2009 we have seen Sterling vs Euro hit 16 month highs this week creating excellent buying opportunities for Euros.

With little economic data over the next few days and with bank holiday on Monday things may be rather quiet on the currency pair.

However, next week housing market data including UK mortgage approvals are due out on early Tuesday morning and with the housing market being a big help in the British economic recovery I think the news could be positive and send Sterling up against the Euro.

To take advantage of these current exchange rates and if you want to save money when transferring currency compared to using your bank then contact me directly Tom Holian [email protected]