UK GDP Figures Confirm Economic Growth (Matthew Vassallo)

GBP EUR Exchange Rate: Weekly Review July 16  

GBP/EUR rates have remained fairly static during Thursday morning’s trading, despite the release of the latest UK Gross Domestic Product (GDP) figures this morning. GDP is considered a key barometre as to the relative health of a countries economy and the higher the figure the better that economy is doing. With official figures confirming that the UK economy grew by 0.8% in the first three months of 2014, it is likely the markets had factored this figure in, as Sterling received only a small boost following the release.

GBP/EUR rates continue to float between 1.23-1.24 on the exchange, providing some of the best levels of the past 16 months. Personally I feel GBP will still need another push to break through 1.24 and any continuing fears over deflation within the Eurozone, could act as a catalyst for this.

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