The pound to Euro exchange rate has rallied higher this week having hit a high of 1.1347 yesterday afternoon. Rates for GBP vs EUR this morning have retreated lower to a low point of 1.1221. What is striking is the strong rebound for GBP EUR having fallen to below 1.06 two weeks ago with rates now some six cents higher. The strong movement has presented those looking to buy Euros with a much better opportunity to purchase and it may be wise to consider all options at this stage. As of today the pound’s rally appears to have come to an end. Please do get in touch to discuss your requirement either buying or selling Euros to help plan around all the latest Covid-19 developments. With new development happening all day the pound vs Euro exchange rate continues to fluctuate wildly creating opportunities for buyers and sellers alike.
UK PMI Data Release
UK Purchasing Managers Index (PMI) data is released this morning for the manufacturing sector and should give us a good indication as to how badly the sector has been hit as a result of the Covid-19 virus. The same manufacturing data is released for the EU as well as unemployment numbers which are all worth monitoring. EU unemployment for February is expected to remain steady at 7.4%.
It is likely the EU data will perform worse than the UK seeing that the coronavirus crisis is reported to be about two or three weeks ahead in Italy when compared to the UK. Today’s data is likely to shed some light on the impact on the EU and British economies. Expectation is for a big dent in Gross Domestic Product globally and so the world is watching how in particular the US, Italy, Spain and the UK can manage the spread of the virus. Their ability to limit damage and get the economy back on track are vital
However the UK and EU’s situation are months behind the Chinese story and so the outlook for the global economy is less clear at this point in time.
If you’d like to discuss these factors and how they could impact an upcoming currency transfer, feel free to get in touch with me, James Lovick, using the form below.