Sterling Euro exchange rates have fallen further in the last few days as we are now close to the lowest levels seen on GBP EUR since December 2011. It appears that confidence has returned to the Eurozone with an announcement form the European Central Bank (ECB) that over 270 European banks were going to begin repaying their debts which amounts to €137bn. This confidence is completely opposite to what we are witnessing in the UK with David Cameron stating we will have an “in-out” EU referendum should the Tory’s win the next election and also the UK’s Gross Domestic Product (GDP) figures showing a drop to -0.3% which means we are 1 quarter of negative growth away from being in a triple dip recession. So, as this currency pair is being hit from both sides it seems that further Sterling weakness and Euro strength is not unthinkable.
In the meantime in the US we have the crucial Non-Farm payroll data figures due on Friday and with Sterling Dollar exchange rates following a similar trend to that of GBP-EUR this week could be another bad week for the Pound against the Dollar
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