Sterling Euro exchange rates have remained in a very tight range during the course of this week and although we have seen a lot of movement against a number of different currencies the GBPEUR pair has hardly moved over the last few days.
During the middle of the week UK inflation data showed a fall to 2.4% and this means there is less evidence to support an interest rate hike in the near future and this has caused the Pound to struggle against the single currency this week.
UK Retail Sales data that came out yesterday showed an increase compared to the previous month but as the previous readings included the problems caused by the bad weather also known as the ‘beast from the east’ then in my mind this did not cause too much of a surprise.
This morning we could have seen a bit of a lift with the release of UK GDP figures but as they came out exactly the same as expected this did little to provide much market movement for the Pound vs the Euro.
Overall the economic data this week has not done much to influence the Pound vs the Euro and it appears as though the rates will be affected by what is happening politically at the moment.
As we go into next week we have a Bank Holiday on Monday so expect rates to remain relatively stable until Tuesday when things get going again with the latest release of mortgage approvals and then manufacturing data on Thursday.
If you have a currency transfer to make and would like to save money compared to using your bank then contact me directly for a free quote and a brief outline of your particular requirement.
Enjoy your weekend and I look forward to hearing from you
Tom Holian [email protected]