GBP EUR Lower After Sunak Emergency Package

GBP EUR Lower After Sunak Emergency Package

The GBP EUR exchange rate was -0.35% lower after Rishi Sunak announced his emergency budget package worth £15bn to ease the cost-of-living strain. A £5bn tax will also be levied on the oil industry after bumper profits on the back of soaring oil prices. Markets were buoyed by Federal Reserve meeting minutes that laid out the already-known rate tightening plan. The GBP to EUR was trading at 1.1730 but is still trying to find a base for further gains around the 1.1700 level. Sunak finally unveils...
GBP EUR Higher on ECB Interest Rate Comments

GBP EUR Higher on ECB Interest Rate Comments

The GBP EUR exchange rate was higher by 0.38% after comments from the European Central Bank (ECB) hinted at a September rate hike. That was more dovish than some traders had expected. The pound sterling was supported despite the release of the Sue Gray report which will increase pressure on Boris Johnson’s team. The GBP to EUR was trading at 1.1715 as it looks to fend off recent weakness. European Central Bank’s Knot Agrees with Lagarde Dutch central bank chief Klaas Knot has said that he fully...

GBP EUR Slumps on PMI Data Disappointment

The GBP EUR exchange rate slumped by -0.91% after a dismal PMI data report for the UK. Economists were expecting a dip to 57 in the key indicator for Britain’s services sector, but the actual number was 51.8 as the economy grinds to a halt. The GBP to EUR was trading at 1.16640 after losing the 1.8000 level on Monday. Recession alarm bells ringing for the UK after PMI data The UK saw alarm bells ringing over a potential recession as the key services sector slowed down...
GBP EUR Lower After IFO Data Shows Improvement

GBP EUR Lower After IFO Data Shows Improvement

The GBP EUR exchange rate opened the week with a drop of -0.36% after the German IFO business sentiment data showed improvement. The country’s most watched leading indicator improved for a second month to 93.0. The European Central Bank (ECB) President also boosted the euro with further clarity on the rate hike picture. The GBP to EUR was trading at 1.7940 and the pound sterling is at risk of losing 1.1800 again. German IFO higher, Lagarde clarifies on interest rates Germany’s most watched leading indicator, the Ifo...
GBP EUR Higher with ECB Plan for July Rate Hike

GBP EUR Starts the Week with German IFO Data

The GBP EUR exchange rate opens the week with German IFO business sentiment data. The index is expected to dip to 91.4 after last month’s 91.8 reading, but a gloomy update would not be a surprise. Meanwhile, the UK Chancellor has said that the government cannot stop inflation, but the Bank of England disagrees. The GBP to EUR opened the week around 1.1830 after holding lower-level support. Bank of England economist sees more rate hikes ahead The Treasury must take responsibility to fight soaring inflation and the...
GBP EUR Exchange Rate: The Week Ahead June 12th

GBP EUR Exchange Rate: The Week Ahead May 22nd

The GBP EUR exchange was higher this week as the pair tries to grind higher through the inflationary pressures in the UK. Employment was strong for the UK, while the European economy saw its growth forecasts downgraded. Attention will turn to this week’s PMI figures to see how manufacturing and services are coping in the UK and Europe against a backdrop of various global pressures. The GBP to EUR touched 1.1900 on the week but slipped back to trade at 1.1800 into the weekend. BoE’s Bailey...
GBP EUR Exchange Rate: Weekly Review May 21st  

GBP EUR Exchange Rate: Weekly Review May 21st  

The GBP EUR exchange was higher this week as the pair tries to grind higher through the inflationary pressures in the UK. Employment was strong for the UK, while the European economy saw its growth forecasts downgraded. Attention will turn to this week’s PMI figures to see how manufacturing and services are coping in the UK and Europe against a backdrop of various global pressures. The GBP v EUR was trading at 1.1800 after hitting a high of 1.1900 after the job numbers. UK employment boosts...
GBP EUR Slumps Despite UK Rates Lift-Off

GBP EUR Higher After ECB Meeting Minutes Release

The GBP EUR exchange rate was 0.35% higher on Thursday after the release of the latest European Central Bank (ECB) Monetary Policy Meeting Minutes. The minutes of the central bank’s April meeting confirmed that the hawks are controlling the discussions. A rate hike in July is now seen as a formality but the euro is losing ground to the pound sterling. The GBP to EUR is trading at 1.18310 after a few days of confused price action. ING sees definite rate hike in July by ECB...
GBP EUR Slips with Inflation at a 40-yr High

GBP EUR Slips with Inflation at a 40-yr High

The GBP EUR exchange rate was -0.36% lower on Wednesday after UK inflation was seen hitting a 40-yr high. Inflation was seen hitting 9% in April, according to the Office for National Statistics. Britain now has the highest level of inflation amongst the larger European nations. The UK was also rattling feathers in the EU with plans to change parts of the Northern Ireland protocol. The GBP to EUR touched 1.1900 in the previous day but has slipped to 1.1800. UK inflation soars to a forty...
GBP EUR Higher on Employment Market Boost

GBP EUR Higher on Employment Market Boost

The GBP EUR exchange rate was 0.36% higher on Tuesday after jobs market figures were better than expected. For the first time ever, there are more job vacancies than people to fill them, and wages are also rising. Employment surged by 83k in the three months to March, compared with the previous three months to December. The GBP to EUR touched 1.1900 on the day with the pair dropping back to 1.1850. BoE governor warns of ‘apocalyptic’ food prices Andrew Bailey responded to criticism that the Bank...