Yesterday morning saw the sterling euro interbank rate of exchange drop to the lowest levels that have been seen since the start of the year as the pound continues to struggle amidst Brexit concerns.

Currency Pair% Change (Month)Difference on £200,000
GBPEUR2.22%€4,972

The euro has gained just under 1.5% against the pound over the past month. The main reason behind the movement is sterling weakness, even though there is little positive news from the euro at present. If we did start to see any Brexit progress or slightly more positive news for the pound there could potentially be a turn around. The trouble is, as discussed in the sterling section of our reports there is no clear light at the end of the tunnel at present.

European economic data next week

European economic data next week

There is not a huge amount of economic data left to be released during the course of this week, but next week brings a flurry of important economic data that could perhaps lead to volatility for the euro.

On Monday the unemployment rate for the Eurozone as a whole is released, expectations are for a slight rise in the unemployment rate to 7.7% which could be viewed as a negative for the euro should the release come out as expected.

Also on Monday,  is the release of manufacturing data, with services and retail sales figures to follow on Wednesday and Thursday respectively.

It is clear that the European economy also has many troubles of its own and there are much larger problems bubbling away under the surface that one day will break through, but Brexit seems to be a distraction for the media spotlight and until we see the other side of this, the euro may not suffer as much as it should if these issues were in the spotlight.

One of these issues being Italy, which was widely discussed in yesterday’s euro report by my colleague James Lovick and is well worth a read.

For the very latest movements or an up to date exchange rate for GBP/EUR feel free to contact us today on 01494 725353 and we will be more than happy to keep you up to date with the very latest action.

News

Read more articles

 

Download our monthly currency forecast

Download here

 

Exchange rates on this page are interbank rates and indicate where the market is trading to show the performance of a currency pair. They are not indicative of the rates which we offer. The information on this web site is provided free of charge for information purposes only. It does not constitute advice to any person on any matter. Foreign Currency Direct plc. ("FCD") makes every reasonable effort to ensure that this information is accurate and complete but assumes no responsibility for and gives no warranty with regard to the same.