The Pound’s decent run against the Euro over the last week has now ended, and today we have seen the GBP/EUR rate drop away by a cent. We had seen it as high as €1.3920, however this morning UK GDP figures were released that disappointed, and as you can see from the chart below it has caused a gradual drop in the rate of exchange:
Pound falls on GDP data
This morning UK growth data was released, and it was lower than expected at 0.5%, confirming that the performance of the construction and manufacturing sectors are slowing. This has weakened Sterling and pulled exchange rates lower.
What next for Pound/Euro rates?
In my view Thursday is the next important day for GBP/EUR, with UK mortgage approvals and German Employment and inflation data. Following this on Friday, we have EU wide unemployment and inflation numbers, along with a UK measure of consumer confidence.
It’s still a pretty good time for those needing Euros however. Just a few weeks ago the rate was as low as €1.33, and despite the drop today the mid-market price is still above €1.38.
Do you need the best exchange rates?
If you would like to discuss the currency markets to help you decide when to fix an exchange rate, or would like to get a quote for your currency exchange to compare with your bank or existing broker, then click here to send me a free enquiry today.
I will get in touch with you personally, and often better rates available at banks or other currency brokers by as much as 3%, so it’s certainly worth getting in touch to see what I can do for you.