GBP/EUR Rates Drop Following Poor UK Construction Data (Matthew Vassallo)

Will Pound to Euro Rates Gain in September?

GBP/EUR rates have dipped during Tuesday’s trading, following poor UK Construction & Production data released this morning. This caused the pair to drop back below 1.27 on the exchange, with the EUR hitting 1.2609 at today’s low. This move is typical of recent spikes, with the Pound gathering

The other key economic data release for the UK was the latest NIESR (National Institution of Economic & Social Research) UK Gross Domestic Product (GDP) estimate. The NIESR are a respected institution, so their predictions are always taken seriously. The figure released of 0.7% growth was in line with other predictions, so the Pound did not manage to gather any momentum following this announcement.

Looking ahead to the rest of the trading week and it is Thursday’s European Central Bank (ECB) monthly report that is likely to dominate headlines, as this will give us a key insight into the latest economic conditions inside the Eurozone. There is also Eurozone employment data out on Friday, which is also worth monitoring.

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