The Pound Euro exchange rate has been improving recently after hitting as low as just above 1.05 on the Interbank level a couple of weeks ago.
GBPEUR trading rates have almost hit 1.14 with the Pound demonstrating signs of improvement against a number of different currencies recently. The sentiment surrounding Sterling appears to be improving which is good news for anyone looking to buy Euros with Pounds at the moment.
The latest economic data published yesterday morning came in the form of the UK Purchasing Manager’s Index for the manufacturing sector. This saw the lowest level in three months at 47.8 for March down from 51.7 the month before. This was not much of a surprise seeing as though the UK went into lockdown last month.
Tomorrow morning brings with it the latest Services PMI data for March. This is the UK’s biggest sector so this data release will be an important one to pay attention to as depending on the result this could influence Sterling Euro exchange rates.
Chinese PMI Data
In terms of green shoots and slightly more positive news Chinese PMI for manufacturing and non-manufacturing showed a very large improvement. In February the figure showed just 35.7 which was the lowest in history but for March this has bounced back to 52. Clearly there are still concerns to the global economy and that of China but with the news coming out so positive it does demonstrate that things can turn around.
Spanish Unemployment Data
In the meantime Spain has reported over 300,000 jobless claims which is the worst in their recorded history. Even during the height of the financial crisis claims were around 200,000. Furthermore according to records almost 900,000 workers have lost their jobs since the lockdown began. As the fourth largest economy in the Eurozone this is clearly a cause for huge concern.
If you have a currency transfer to make and would a free quote compared to using your own bank then contact me directly. Also, we are operating business as usual so feel free to send me your enquiry and I look forward to hearing from you.
If you have a currency transfer to make and would a free quote compared to using your own bank then contact me directly. Also, we are operating business as usual so feel free to send me your enquiry via the form below.